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FIRST NAT. BANK OF PHILA. v. COMMISSIONER OF INT. REV.

No. 10961.

205 F.2d 82 (1953)

FIRST NAT. BANK OF PHILADELPHIA v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided May 28, 1953.

Rehearing Denied June 22, 1953.

Attorney(s) appearing for the Case

Robert C. Lea, Jr., Philadelphia, Pa. (Matthew F. Dorsey, Norris, Lex, Hart & Eldredge, Philadelphia, Pa., on the brief), for petitioner.

Joseph F. Goetten, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Sp. Asst. to Atty. Gen., on the brief), for respondent.

Before GOODRICH, McLAUGHLIN and KALODNER, Circuit Judges.

McLAUGHLIN, Circuit Judge.

This is an appeal from a decision of the Tax Court, 18 T.C. 899 (August 29, 1952), upholding respondent's determination of a deficiency for the year 1942 in the amount of $13,292.76.

The facts are not in dispute and are as follows: Petitioner is a banking association organized under federal law. At all times here material it has utilized the accrual method of accounting in reporting its federal income...

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