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FEDERAL RESERVE BANK
OF NEW YORK

r Circular No. 16641
I April 30, 1936 J

To all Banks and Trust Companies in the
Second Federal Reserve District:

The designation of Mr. J. H. CASE, by the Board of Governors of
the Federal Reserve System, as Chairman of the Board and Federal
Reserve Agent at the Federal Reserve Bank of New York, expired at
the close of business today, April 30, 1936.
Effective as of the same date, Mr. CASE has resigned as a Class C
Director of the Federal Reserve Bank of New York, to which office he
was last appointed for the three year term ending December 31,
1937, in order that he may become a general partner in the firm of
R. W. Pressprich & Co., New York.




GEORGE L. HARRISON,

President.

FEDERAL RESERVE BANK
OF N E W YORK

April 30, 1936

AMENDMENT TO FEDERAL INCOME TAX REGULATIONS

To State Member Banks in the
Second Federal Reserve District:
Pursuant to the suggestion of the Board of Governors of the
Federal Reserve System, there is enclosed e copy of T. D. 4633, approved
April 3, 1936, amending the last paragraph of article 23(k)-l of
Regulations 86 issued under the Revenue Act of 1934 and the last
paragraph of article 191 of Regulations 77 issued under the Revenue Act
of 1932, relating to the deductibility, in computing net income for the
purpose of Federal income tax, of debts charged off in whole or in part
during the taxable year in obedience to the specific orders of supervisory authorities.




J. H. CASE,
Federal Reserve Agent.

(T. D. 4633)
Income Tax
Last paragraph of article 23(k)-l of Regulations 86
and last paragraph of article 191 of Regulations 77,
Amended.
TREASURY DEPARTMENT,
Office of Commissioner of Internal Revenue,
Washington, D. C.
TO COLLECTORS OF INTERNAL REVENUE
AND OTHERS CONCERNED:
The last paragraph of article 23(k)-l of Regulations 86 and the last
paragraph of article 191 of Regulations 77 are amended to read:
"Where banks or other corporations which are subject to
supervision by Federal authorities (or by State authorities
maintaining substantially equivalent standards) in obedience
to the specific orders of such supervisory officers charge
off debts in whole or in part, such debts shall be conclusively
presumed, for income tax purposes, to be worthless or recoverable only in part, as the case may be, but in order that any
amount of the charge-off may be allowed as a deduction for
any taxable year it must be shown that the charge-off took
place within such taxable year."
This document is issued under the authority prescribed by section
62 of the Revenue Act of 1934, and section 62 of the Revenue Act of 1932.
GUY T. HELVERBFG,
Commissioner of Internal Revenue.
Approved;

April 3, 1936.

WAYNE C. TAYLOR,
• Acting Secretary of the Treasury.
•
(Filed with the Federal Register Division April 7, 1936)





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102