McBride v. Commissioner
United States Tax Court
In determining their community income for 1948, in separate returns filed by them, H. L. McBride and his wife, Janet, claimed a business bad debt deduction of $ 24,064.10 from McBride Oil Company, a corporation formed to exploit certain oil leases and in which McBride owned 25 per cent of the stock.
Read the full summary
In determining their community income for 1948, in separate returns filed by them, H. L. McBride and his wife, Janet, claimed a business bad debt deduction of $ 24,064.10 from McBride Oil Company, a corporation formed to exploit certain oil leases and in which McBride owned 25 per cent of the stock. Held: 1. Of the claimed debt of $ 24,064.10, (a) $ 2,535.50 was not advanced by McBride to the Oil Company until 1949, and (b) $ 12,847, which McBride Refining Company loaned to the Oil Company and on which McBride was a guarantor, did not represent a debt due McBride in 1948 because he made no…
1Opinion of the Court
Janet McBride, Petitioner, v. Commissioner of Internal Revenue, Respondent. H. L. McBride, Petitioner, v. Commissioner of Internal Revenue, Respondent
McBride v. Commissioner
Docket Nos. 50138, 50139
United States Tax Court
23 T.C. 926; 1955 U.S. Tax Ct. LEXIS 235;
February 28, 1955, Filed
Decisions will be entered under Rule 50.
In determining their community income for 1948, in separate returns filed by them, H. L. McBride and his wife, Janet, claimed a business bad debt deduction of $ 24,064.10 from McBride Oil Company, a corporation formed to exploit certain oil leases and in which McBride owned…
2Cases cited8 opinions
- Schnitzer v. CommissionerUnited States Tax Court · 1949
- Sherman v. CommissionerUnited States Tax Court · 1952
- Stamos v. CommissionerUnited States Tax Court · 1954
- New York Water Service Corp. v. CommissionerUnited States Tax Court · 1949
- Redman v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1946
3 more not listed; retrieve them via the Exa API.