Colorado Cnty. Fed. Sav. & Loan Ass'n v. Comm'r of Internal Revenue

8 Citing cases

  1. Centralia Federal Sav. Loan Ass'n v. Commr

    66 T.C. 599 (U.S.T.C. 1976)

    A qualifying reserve still had to be available for bad debts. In Colorado County Federal Savings Loan Association, 36 T.C. 1167 (1961), affd. 309 F.2d 751 (5th Cir. 1962), the taxpayer failed to make any transfers to reserves on its books of account until 1 1/2 or 2 1/2 years after the close of the year. No issue was raised as to the qualifying character of the reserve accounts to which the transfers were ultimately made, but we held that the transfers came too late and failed to comply with the strictures of section 1.593-1 of the regulations that "the establishment of such reserve and all adjustments made thereto must be reflected on the regular books of account of the institution at the close of the taxable year or as soon as practicable thereafter."

  2. Centralia Fed. Sav. & Loan Ass'n v. Comm'r of Internal Revenue

    66 T.C. 599 (U.S.T.C. 1976)

    A qualifying reserve still had to be available for bad debts. In Colorado County Federal Savings & Loan Association, 36 T.C. 1167 (1961), affd. 309 F.2d 751 (5th Cir. 1962), the taxpayer failed to make any transfers to reserves on its books of account until 1 1/2 or 2 1/2 years after the close of the year. No issue was raised as to the qualifying character of the reserve accounts to which the transfers were ultimately made, but we held that the transfers came too late and failed to comply with the strictures of section 1.593-1 of the regulations that ‘the establishment of such reserve and all adjustments made thereto must be reflected on the regular books of account of the institution at the close of the taxable year or as soon as practicable thereafter.’

  3. Peoples Federal Sav.s&sLoan Ass'n v. United States

    320 F. Supp. 179 (D.S.C. 1970)

    There was, however, no such action in this case: the taxpayer made its allocation at the time it filed its income tax return as evidenced by its tax return with its schedules.         In Colorado County Federal Savings & Loan Ass'n v. Commissioner (1961) 36 T.C. 1167-- another case involving the application of Section 593-- the taxpayer on its income taxes took a deduction under the title 'Tax Reserve for contingencies' for the years 1954 and 1955. Such deduction was 'not reflected on petitioner's general books of account' as reserves but as 'a part of the petitioner's surplus and undivided profits', (at pp.1170-1171, 36 T.C.) and thus available for dividends.

  4. Home Sav. v. Comm'r of Internal Revenue

    80 T.C. 571 (U.S.T.C. 1983)

    We did not give full citations in this paragraph because these citations were set forth in our previous discussion. These citations are as follows: Levelland Savings & Loan Association v. United States, 421 F.2d 243 (5th Cir. 1970); Leesburg Federal Savings & Loan Association v. Commissioner, 55 T.C. 378 (1970); Commercial Savings & Loan Association v. Commissioner, 53 T.C. 14 (1969); Colorado County Federal Savings & Loan Association v. Commissioner, 36 T.C. 1167 (1961), affd. 309 F.2d 751 (5th Cir. 1962); Rio Grande Building & Loan Association v. Commissioner, 36 T.C. 657 (1961); Security Federal Savings & Loan Association v. United States, 346 F. Supp. 908 (M.D. Fla. 1972); Newport Federal Savings & Loan Association v. United States, 259 F. Supp. 82 (E.D. Ark. 1966).] In Centralia, the taxpayers, both savings and loan associations, elected the reserve method for bad debts and computed their annual additions to reserves under the percentage of taxable income method.

  5. Home Savings Loan v. Commissioner of Internal Revenue

    80 T.C. 571 (U.S.T.C. 1983)

    We did not give full citations in this paragraph because these citations were set forth in our previous discussion. These citations are as follows: Levelland Savings Loan Association v. United States, 421 F.2d 243 (5th Cir. 1970); Leesburg Federal Savings LoanAssociation v. Commissioner, 55 T.C. 378 (1970); Commercial Savings Loan Association v. Commissioner, 53 T.C. 14 (1969); Colorado County Federal Savings Loan Association v. Commissioner, 36 T.C. 1167 (1961), affd. 309 F.2d 751 (5th Cir. 1962); Rio Grande Building Loan Association v. Commissioner, 36 T.C. 657 (1961); Security Federal Savings Loan Association v. United States, 346 F. Supp. 908 (M.D. Fla. 1972); Newport Federal Savings Loan Association v. United States, 259 F. Supp. 82 (E.D. Ark. 1966).]

  6. Ohio Pike Sav. & Loan Co. v. Comm'r of Internal Revenue

    55 T.C. 388 (U.S.T.C. 1970)

    Indeed, failure to make timely additions to the reserves has been regarded as fatal, regardless of whether deductions would otherwise have been permissible. Cf. Commercial Savings & Loan Association, 53 T.C. 14; Rio Grande Building & Loan Association, 36 T.C. 657; Colorado County Federal Savings & Loan Association, 36 T.C. 1167, affirmed per curiam 309 F.2d 751 (C.A.5). Petitioner does not here raise the issue presented in Leesburg whether the mere filing of income tax returns claiming the deduction for additions to the reserve and retention of copies thereof are sufficient to satisfy the accounting requirements of the statute and regulations.

  7. Leesburg Fed. Sav. & Loan Ass'n v. Comm'r of Internal Revenue

    55 T.C. 378 (U.S.T.C. 1970)   Cited 5 times

    We think copies of tax returns, even with supplemental material, do not meet these requirements. We have so held in Colorado County Federal Savings & Loan Association, 36 T.C. 1167, affirmed per curiam 309 F.2d 751 (C.A. 5). The description of the deduction for additions to bad debt reserves as a ‘privilege’ apparently has grown out of the history of the tax status of domestic building and loan associations.

  8. Commercial Sav. & Loan Ass'n v. Comm'r of Internal Revenue

    53 T.C. 14 (U.S.T.C. 1969)   Cited 9 times
    In Commercial Savings & Loan Association v. Commissioner (1969) 54 T.C. 14, the taxpayer, a domestic building and loan association, failed to establish the reserve accounts required under amendment of 1962 to Section 593 for the years 1963 and 1964 until December, 1965, and, while claiming deductions for such reserves in its tax returns for such years, it gave in such returns 'no explanation of the computation, (of such reserves) as called for in the related regulations.

    It has been stated that the time limit for making entries to reserve accounts generally should be not later than the time at which the taxpayer filed its income tax return for the year involved. Rio Grande Building & Loan Association, supra at 664; Colorado County Federal Savings & Loan Assn., 36 T.C. 1167 (1961), affd. 309 F.2d 751 (C.A. 5, 1962). Where the Congress has authorized certain tax privileges and has prescribed the conditions to be met in qualifying for them it has been held that strict compliance with the statute is necessary, for example: corporations seeking treatment as small business corporation, William Pestcoe, 40 T.C. 195 (1963); J. W. Frentz, 44 T.C. 485 (1965), affd. 375 F.2d 662 (C.A. 6, 1967); Thomas E. Bone, 52 T.C. 913 (1969); deductions claimed for depletion, Riley Co. v. Commissioner, 311 U.S. 55 (1940); election to capitalize or expense intangible drilling costs, Boone County Coal Corporation v. United States, 121 F.2d 988 (C.A. 4, 1941); valuation for capital stock tax purposes, Scaife Co. v. Commissioner, 314 U.S. 459 (1941).