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AKRON NATIONAL BANK & TRUST CO. v. UNITED STATES

No. 74-1612.

510 F.2d 1157 (1975)

AKRON NATIONAL BANK AND TRUST COMPANY, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

February 18, 1975.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Michael Paup, Ann Belanger Durney, Tax Div.-Dept. of Justice, Washington, D. C., Frederick M. Coleman, U. S. Atty., Cleveland, Ohio, for defendant-appellant.

John M. Glenn, Buckingham, Doolittle & Burroughs, Sam D. Bartlo, Akron, Ohio, for plaintiff-appellee.

Before CELEBREZZE and LIVELY, Circuit Judges, and O'SULLIVAN, Senior Circuit Judge.

CELEBREZZE, Circuit Judge.

This appeal presents the question whether certain funds should have been added to Appellee Bank's bad debt reserve for the purpose of calculating its 1968 deduction under section 166(c), Int. Rev.Code of 1954, 26 U.S.C. § 166(c) (1967). The Commissioner of Internal Revenue determined that funds undisbursed under construction loan agreements as of December 31, 1968 should not have been included within Appellee's 1968 base of outstanding...

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