Louis N. Pokress and Estate of Lucille A. Pokress, Deceased, Louis N. Pokress v. Commissioner of Internal Revenue

RIVES, Circuit Judge.

The Tax Court held that the petitioner 1 in the taxable year 1946 sustained a non-business bad debt loss in the amount of $16,222.77 deductible under the provisions of Section 23 (k) (4) of the 1939 Internal Revenue Code. 2 The petitioner insists that the Tax Court erred: (1) in refusing to find from the overall transaction a deductible loss incurred in trade or business or in a transaction entered into for profit under § 23(e) (1) or (2); 3 (2) in holding the loss deductible under § 23 (k), footnote 2, supra, as a non-business rather than a business bad debt; and (3) in…