Case Name: Appeal of FARMERS & MERCHANTS STATE BANK
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1925-06-23
Citations: 2 B.T.A. 130
Docket Number: Docket No. 1811
Parties: Appeal of FARMERS & MERCHANTS STATE BANK.
Judges: Before GraupNer, Trammell, and Phillips.
Reporter: Reports of the United States Board of Tax Appeals
Volume: 2
Pages: 130–131

Head Matter:
Appeal of FARMERS & MERCHANTS STATE BANK.
Docket No. 1811.
Submitted May 14, 1925.
Decided June 23, 1925.
A. M. Gunn, Esq., for the taxpayer.
W. Frank Gibbs, Esq., for the Commissioner.
Before GraupNer, Trammell, and Phillips.

Opinion:
OPINION.
Graupner:
The sum of $312.50 referred to in the findings was a balance remaining in connection with a capital stock transaction and does not constitute taxable income received by the taxpayer during 1920. The sum was erroneously included in net income, the correct taxable income being $6,381.41. The correct amount of the deficiency is $246.19.