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LEVELLAND SAVINGS AND LOAN ASSOC. v. UNITED STATES

No. 27608.

421 F.2d 243 (1970)

LEVELLAND SAVINGS AND LOAN ASSOC., Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals Fifth Circuit.

Rehearing Denied March 4, 1970.

Attorney(s) appearing for the Case

Eldon B. Mahon, U. S. Atty., Fort Worth, Tex., Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Atty. Tax Div., Jonathan S. Cohen, Robert I. Waxman, Attys., U. S. Dept. of Justice, Washington, D. C., William W. Guild, Atty., Tax Div., U. S. Dept. of Justice, Fort Worth, Tex., for defendant-appellant.

Jack W. Hawkins, Dallas, Tex., Earl R. Allison, Gardere, Porter & DeHay, Dallas, Tex., for plaintiff-appellee.

Before RIVES, GOLDBERG and GODBOLD, Circuit Judges.

GODBOLD, Circuit Judge:

The taxpayer is a Texas state-chartered building and loan association. It adopted for federal income tax purposes the reserve method of accounting for bad debts. During each of the taxable years 1961, 1962 and 1963 the association included in the amount claimed as a deduction for addition to its bad debt reserve a sum which it had transferred to its "nonwithdrawable capital stock account." Each year the transfer to this stock account was in...

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