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CENTRAL BANK CO. v. COMMISSIONER

Docket No. 91299.

39 T.C. 856 (1963)

THE CENTRAL BANK COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 14, 1963.

Attorney(s) appearing for the Case

Everett H. Davidson, Esq., and Don C. Miller, Esq., for the petitioner.

Eugene S. Linett, Esq., for the respondent.

WITHEY, Judge:

The Commissioner has determined deficiencies in the income tax of the petitioner in the amounts of $18,200, $15,600, and $15,600 for the years 1956, 1957, and 1958, respectively. The sole issue presented is the correctness of the respondent's action in disallowing deductions of $35,000, $30,000, and $30,000 taken by petitioner in its income tax returns for 1956, 1957, and 1958, respectively, as additions to its reserve for bad debts for the respective...

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