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SECURITY STATE BANK v. COMMISSIONER

Docket No. 15478-96.

111 T.C. 210 (1998)

SECURITY STATE BANK, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 3, 1998.

Attorney(s) appearing for the Case

Martin J. Peck, for petitioner.

Charles M. Berlau, for respondent.

OPINION

RUWE, Judge:

Respondent determined a deficiency of $29,972.41 in petitioner's 1989 Federal corporate income tax. The issue for decision is whether section 1281(a)1 requires petitioner, a cash basis taxpayer, to accrue interest and/or original issue discount earned on short-term loans.

Background

The parties submitted this case fully stipulated...

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