NORTH CAROLINA NATIONAL BANK v. UNITED STATES

No. 451-60.

345 F.2d 544 (1965)

NORTH CAROLINA NATIONAL BANK v. The UNITED STATES.

United States Court of Claims.

May 14, 1965.


Attorney(s) appearing for the Case

Gordon W. Gerber, Philadelphia, Pa., for plaintiff. Kenneth W. Gemmill and Dechert, Price & Rhoads, Philadelphia, Pa., of counsel.

Thomas A. Troyer, Washington, D. C., with whom was Asst. Atty. Gen. Louis F. Oberdorfer, for defendant. Edward S. Smith, Lyle M. Turner, and Earl L. Huntington, Washington, D. C., were on the briefs.

Before LARAMORE, DURFEE, and DAVIS, Judges, and JONES and WHITAKER, Senior Judges.


WHITAKER, Senior Judge.

Plaintiff sues to recover the additional taxes assessed against it resulting from the disallowance of the addition to its reserve for bad debts claimed on its return.

Plaintiff succeeded to all the rights and obligations of the Security National Bank of Greensboro on June 30, 1960. The Security Bank had been organized on August 28, 1933. Until 1951 the Security Bank was engaged in the making of commercial loans only, but in that year...

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