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SECURITY BANK MINNESOTA v. C.I.R.

No. 92-2247.

994 F.2d 432 (1993)

SECURITY BANK MINNESOTA, Appellee, v. COMMISSIONER OF INTERNAL REVENUE SERVICE, Appellant.

United States Court of Appeals, Eighth Circuit.

Decided May 21, 1993.

Attorney(s) appearing for the Case

Charles Bricken, Dept. of Justice, Washington, DC, argued (Gary R. Allen, James A. Bruton and Jonathan S. Cohen, on the brief), for appellant.

Gary Hansen, Minneapolis, MN, argued (Sue Ann Nelson and Terrance A. Costello, on the brief), for appellee.

Before MAGILL, Circuit Judge, HEANEY, Senior Circuit Judge, and BEAM, Circuit Judge.

MAGILL, Circuit Judge.

This case presents an issue of first impression: whether § 1281 of the Internal Revenue Code, which requires certain taxpayers to accrue discount and interest income on certain short-term obligations, requires a commercial bank, otherwise reporting its income on the cash basis, to report interest income on short-term loans made to borrowers in the ordinary course of business as it accrues. The tax court held that § 1281 did not apply...

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