CITIZENS BANK & TRUST COMPANY v. COMMISSIONER

Docket No. 108341.

1 T.C.M. 15 (1942)

Citizens Bank & Trust Company v. Commissioner.

United States Tax Court.

Entered October 29, 1942.


Attorney(s) appearing for the Case

Frank J. Albus, Esq., Earle Bldg., Washington, D. C., for the petitioner. E. L. Corbin, Esq., for the respondent.


Memorandum Opinion

SMITH, J.:

This is a proceeding for the redetermination of a deficiency in income tax for 1939 in the amount of $905.77. The petitioner alleges that the respondent erred in the determination of the deficiency by adding to the net income reported on its return $5,489.53 designated as "Gain on sale of Bonds."

[The Facts]

The petitioner is a banking corporation with its place of business at Clarksville, Virginia....

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