MARYLAND NATIONAL BANK v. COMMISSIONER

Docket No. 5114-72.

33 T.C.M. 936 (1974)

T.C. Memo. 1974-209

Maryland National Bank v. Commissioner.

United States Tax Court.

Filed August 13, 1974.


Attorney(s) appearing for the Case

George D. Hubbard, 10 Light St., Baltimore, Md., for the petitioner. Howard L. Williams and Robert S. Erickson, for the respondent.


Memorandum Findings of Fact and Opinion

STERRETT, Judge:

Respondent determined deficiencies of $58,845.87 and $86,776.45 in the income taxes of the Maryland National Bank for the calendar years 1967 and 1968, respectively.

After concessions with respect to other issues, only one question remains for our decision: whether $156,375, or any portion thereof, of the purchase price paid by petitioner in 1967 to acquire the business of Charg-It of Baltimore...

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