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FIRST NATIONAL BANK IN OLNEY v. C. I. R.

No. 15484.

368 F.2d 164 (1966)

The FIRST NATIONAL BANK IN OLNEY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals Seventh Circuit.

September 15, 1966.

Attorney(s) appearing for the Case

Walter J. Rockler, David R. Kentoff, Cotton, Watt, Rockler & Jones, Chicago, Ill., for appellant.

Richard M. Roberts, Asst. Gen. Counsel, Tax Division, Lawrence B. Silver, Lee A. Jackson, Harry Baum, Attys., Dept. of Justice, Washington, D. C., for appellee.

Before HASTINGS, Chief Judge, and SCHNACKENBERG and KILEY, Circuit Judges.

KILEY, Circuit Judge.

The Tax Court's judgment sustained deficiency assessments against The First National Bank in Olney (Taxpayer), after disallowance of deductions for additions to the Bank's bad debt reserve1 in the years 1957 through 1960.2 We affirm the judgment.

Taxpayer, of Olney, Illinois, population about 10,000, was organized July 9, 1934, and has been in the general banking business since...

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