Olson v. Commissioner
United States Tax Court
1. Stock of Trask-Willamette Co. held to have become worthless during the year 1941. 2. Note secured by assignment of an interest in a logging venture was taken by petitioner in 1935 for money loaned to the Trask-Willamette Co. The note became worthless during 1941, and the principal amount thereof is held to be deductible as a bad debt in that year. 3. Petitioner, in a community property state, procured a timber contract through the use of his separate funds and assigned…
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1. Stock of Trask-Willamette Co. held to have become worthless during the year 1941. 2. Note secured by assignment of an interest in a logging venture was taken by petitioner in 1935 for money loaned to the Trask-Willamette Co. The note became worthless during 1941, and the principal amount thereof is held to be deductible as a bad debt in that year. 3. Petitioner, in a community property state, procured a timber contract through the use of his separate funds and assigned the contract to a partnership of which he was a member. Held, petitioner's distributable share of the profits realized…
1Opinion of the Court
E. C. Olson, Petitioner, v. Commissioner of Internal Revenue, Respondent
Olson v. Commissioner
Docket No. 9201
United States Tax Court
10 T.C. 458; 1948 U.S. Tax Ct. LEXIS 243;
March 17, 1948, Promulgated
Decision will be entered under Rule 50.
1. Stock of Trask-Willamette Co. held to have become worthless during the year 1941.
2. Note secured by assignment of an interest in a logging venture was taken by petitioner in 1935 for money loaned to the Trask-Willamette Co. The note became worthless during 1941, and the principal amount thereof is held to be deductible as a bad debt in that year.
3.…
2Cases cited8 opinions
- Katterhagen v. MeisterWashington Supreme Court · 1913
- Finn v. FinnWashington Supreme Court · 1919
- United States Fidelity & Guaranty Co. v. LeeWashington Supreme Court · 1910
- Union Securities Co. v. SmithWashington Supreme Court · 1916
- Yake v. PughWashington Supreme Court · 1895
3 more not listed; retrieve them via the Exa API.