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FIRST NATIONAL BANK v. COMMONWEALTH PENNSYLVANIA (01/29/79)

decided: January 29, 1979.

FIRST NATIONAL BANK, LEECHBURG, PA., APPELLANT
v.
COMMONWEALTH OF PENNSYLVANIA, APPELLEE



Appeal from the Order of the Board of Finance and Revenue in case of Appeal of First National Bank of Leechburg, Pennsylvania, Docket No. C-37037, dated October 27, 1971.

COUNSEL

Alphonsus R. Romeika, with him, of counsel, Romeika, Fish & Scheckter, for appellant.

Vincent J. Dopko, Deputy Attorney General, for appellee.

President Judge Bowman and Judges Wilkinson, Jr., Mencer, Rogers, Blatt, DiSalle and MacPhail. Judges Crumlish, Jr. and Craig did not participate. Opinion by Judge Wilkinson, Jr.

Author: Wilkinson

[ 40 Pa. Commw. Page 176]

This is an appeal by First National Bank of Leechburg (Taxpayer) from a determination of the Board of Finance and Revenue sustaining the Department of Revenue's settlement of Taxpayer's shares tax liability for the tax year as of January 1, 1970.

The parties have filed a stipulation of facts thereby dispensing with the need for a jury trial pursuant to the provisions of the Act of April 22, 1874, P.L. 109, as amended, 12 P.S. § 688.*fn1 From the stipulation we make the following

Findings of Fact

1. Taxpayer was at all times relevant hereto a banking corporation organized pursuant to the Banking Act of 1933, 12 U.S.C. § 21 et seq.

[ 40 Pa. Commw. Page 1772]

. On April 15, 1970, Taxpayer timely filed a Pennsylvania Shares Tax and Loan Tax Report setting forth therein the condition of the bank as of January 1, 1970, showing actual value subject to tax of $2,742,367.

3. A tax settlement was made of Taxpayer's Shares and Loan Tax Report by the Department of Revenue on August 13, 1970, and approved by the Department of the Auditor General on August 18, 1970, increasing the value subject to tax to $2,847,930.

4. (a) The settlement described above at paragraph No. 3 reflects an increase in actual value of total shares before deduction for exempt shares of stock in the amount of $105,794 which is made up of a correction in the amount of $103,125, representing a "Reserve for Declared but Unpaid Dividends," and a correction in the amount of $2,669, representing certain adjustments in securities not here in issue. The effect of applying the 75 exempt shares reduces the total ...


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