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MT. VERNON TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 203.

75 F.2d 938 (1935)

MT. VERNON TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

Decided March 11, 1935.

Attorney(s) appearing for the Case

Satterlee & Canfield, of New York City (F. Morse Hubbard and Barham R. Gary, both of New York City, of counsel), for petitioner.

Frank J. Wideman, Asst. Atty. Gen. (Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen., of counsel), for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.

SWAN, Circuit Judge.

The question presented by this appeal is whether the Commissioner properly included in the petitioner's gross income for 1929 certain discounts received in that year which had been reported as accrued income for the year 1928 and were used in computing the 1928 tax. From the stipulated facts it appears that in conducting its business as a trust company the petitioner, among other things, discounts commercial paper. Up to and including 1928 the...

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