Appeal of First National Bank of Stoughton
Cases that cite this one
3 later published cases cite this decision.
- Cosmopolitan Bond & Mortgage Co. v. Commissioner (United States Board of Tax Appeals 1934)
- Cosmopolitan Bond & Mortgage Co. v. Commissioner (United States Board of Tax Appeals 1934)
- First Nat'l Bank v. Commissioner (United States Board of Tax Appeals 1925)
This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.
Opinion of the Court
The principles laid down in Appeal of Chatham & Phenix National Bank, 1 B. T. A. 460, are decisive of this appeal. We held in that appeal that, where a bank was on a cash receipts and disbursements basis, discount on time loans did not constitute income until the discount was actually received. The Commissioner has included as income on a cash basis discount charged at the time bills were discounted and has computed the additional tax accordingly. The tax must be recomputed on the basis set forth above. Appeal of Bank of Hartsville, 1 B. T. A. 920; Appeal of Madison & Kedzie State Bank, 1 B. T. A. 922.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.