United States Board of Tax Appeals September 9, 1925, Docket No. 2790. (First Nat'l Bank v. Commissioner)

lead-opinion

*587OPINION.

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.