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 Rev. Rul. 55-3

1955-1 C.B. 282

Section 801 -- Life Insurance Company Defined

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Rev. Rul. 55-3

In the case of a bank having permission to use and using the reserve method of accounting for bad debts for Federal income tax purposes, the alternative method of computing additions to the reserve, as provided in Revenue Ruling 54-148, C.B. 1954-1, 60, may be adopted at the option of the bank for any taxable year beginning after December 31, 1953, without obtaining further permission from the Commissioner