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FARMERS & MARCHANTS BANK ETC. v. SKELTON

No. 79-193.

587 S.W.2d 561 (1979)

FARMERS & MERCHANTS BANK OF STUTTGART, Appellant, v. Walter SKELTON, Commissioner of Revenues, Appellee.

Supreme Court of Arkansas, Division 1.

October 15, 1979.

Attorney(s) appearing for the Case

William M. Moorhead, Stuttgart, for appellant.

Jack East, III, Barry E. Coplin, H. Thomas Clark, Jr., Timothy J. Leathers by Joseph V. Svoboda, Little Rock, for appellee.

GEORGE ROSE SMITH, Justice.

For the years 1973, 1974, and 1975 the taxpayer, Farmers & Merchants Bank of Stuttgart, took an annual deduction of $39,145.20 on its Arkansas income tax returns, although the deduction in question was not one listed in the Arkansas income tax law. Ark.Stat.Ann. § 84-2016 (Repl.1960 and Supp.1977). The Commissioner of Revenues disallowed the deduction for each year. The bank paid the...

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