Case Name: Appeal of NATIONAL BANK OF NEW JERSEY
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1925-05-26
Citations: 1 B.T.A. 1238
Docket Number: Docket No. 932
Parties: Appeal of NATIONAL BANK OF NEW JERSEY.
Judges: Before Ivins, Korner, and Marquette.
Reporter: Reports of the United States Board of Tax Appeals
Volume: 1
Pages: 1238–1238

Head Matter:
Appeal of NATIONAL BANK OF NEW JERSEY.
Docket No. 932.
Submitted January 29, 1925;
decided May 26, 1925.
F. X. McDonough for the taxpayer. ■
Benjamin H. Saunders, Esq., for the Commissioner.
Before Ivins, Korner, and Marquette.

Opinion:
DECISION.
The determination of the Commissioner is approved. The provisions of section 234 (a) (2) of the Revenue Act of 1918 permit the deduction of interest paid or accrued within the taxable year and do not contemplate the deduction of both interest paid and interest accrued within such year.