# First Nat'l Bank v. Commissioner

> United States Board of Tax Appeals · September 9, 1925 · 2 B.T.A. 586

URL: https://www.frixlaw.com/law-library/cases/4490802

## Case

- **Full name:** APPEAL OF FIRST NATIONAL BANK OF STOUGHTON, WISCONSIN.
- **Court:** United States Board of Tax Appeals
- **Decided:** September 9, 1925
- **Citations:** 2 B.T.A. 586; 1925 BTA LEXIS 2343
- **Precedential status:** Published
- **Opinion:** Opinion of the court by Marquette
- **Judges:** Marquette, Ivins, Morris, Arundell
- **Cited by:** 0 later opinions in the Frix Law Library

## Citator (automated)

- No negative treatment found by the automated citator. That is not the same as a confirmation that the case is good law; read the citing cases.
- Full citator and citing cases: https://www.frixlaw.com/law-library/cases/4490802

## Opinion text

*587 OPINION.
Marquette:
The principles laid down in Appeal of Chatham & Phenix National Bank, 1 B. T. A. 460, are decisive of this appeal. We held in that appeal that, where a bank was on a cash receipts and disbursements basis, discount on time loans did not constitute income until the discount was actually received. The Commissioner has included as income on a cash basis discount charged at the time bills were discounted and has computed the additional tax accordingly. The tax must be recomputed on the basis set forth above. Appeal of Bank of Hartsville, 1 B. T. A. 920; Appeal of Madison & Kedzie State Bank, 1 B. T. A. 922.
Arundell not participating.

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Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/4490802. Public record. Not legal advice.