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FIRST NAT. BANK OF CHICAGO v. C. I. R.

No. 76-1284.

546 F.2d 759 (1976)

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

United States Court of Appeals, Seventh Circuit.

Decided December 17, 1976.

Rehearing and Rehearing Denied January 31, 1977.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., Michael L. Paup, Atty., Tax Division, Dept. of Justice, Meade Whitaker, Washington, D. C., for respondent-appellant.

William A. Cromartie, William P. Sutter, Chicago, Ill., for petitioner-appellee.

Before SWYGERT and CUMMINGS, Circuit Judges, and WOLLENBERG, Senior District Judge.

Rehearing and Rehearing En Banc Denied January 31, 1977.

PER CURIAM.

In the taxable year 1968, taxpayer First National Bank of Chicago included $19,136,794.50 of advances to its Trust Department in its loan base for computing its bad debt deduction. Judge Fay of the Tax Court upheld this method and therefore decided that taxpayer had overpaid its income tax by $85,622.12. The Commissioner appealed. We reverse.

As part of its operation, taxpayer maintains...

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