Case Name: First State Bank, Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1927-01-25
Citations: 5 B.T.A. 1176
Docket Number: Docket No. 2581
Parties: First State Bank, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 5
Pages: 1176–1176

Head Matter:
First State Bank, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 2581.
Promulgated January 25, 1927.
R. G. Wiley for the petitioner.
Bruce A. Low, Esq., for the respondent.

Opinion:
OPINION.
Marquette:
We are satisfied from the evidence that the petitioner's furniture and equipment was acquired by it subsequent to March 1, 1918, and that its cost and useful life were as set forth in the findings of fact. Petitioner is therefore entitled to a deduction for the exhaustion, wear and tear of its furniture and equipment computed on the basis of such cost and useful life. In all other respects the Commissioner's determination is approved.
The petitioner also alleges that it is entitled to deductions on account of certain worthless debts, but there is nothing in the record from which we can ascertain the facts relative to these alleged worthless debts.
Judgment will be entered on 15 days' notice, under Rule 50,