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FIRST STATE BANK OF STRATFORD v. COMMISSIONER

Docket No. 9077.

8 T.C. 831 (1947)

FIRST STATE BANK OF STRATFORD, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated April 17, 1947.

Attorney(s) appearing for the Case

Dorothy Ann Kinney, Esq., and Walter G. Russell, C. P. A., for the petitioner.

Allen T. Akin, Esq., for the respondent.

In this case there are involved declared value excess profits tax of $813.91 and excess profits tax of $28,793.28, both for the calendar year 1942. The questions presented are, first, whether the petitioner realized taxable income from the declaration and payment of a distribution in kind of notes which it had in a previous year charged off as worthless, the deduction being allowed; and, second, whether collections made on the notes...

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