Cluett v. Commissioner
United States Tax Court
Deductions from Income -- Bad Debts -- Nonbusiness Debts -- Section 23 (k) (4). -- A debt which represented partial purchase price of a fractional accretion to an Exchange seat sold in 1929 and which became worthless in 1943 is not a "non-business debt" to a taxpayer who was using his Exchange seat from 1923 through 1943 in his business of acting as floor member for various partnerships.
1Opinion of the Court
OPINION.
Murdock, Judge-
The Commissioner determined a deficiency of $8,531.67 in the income tax of the petitioners for the calendar year 1943. The only issue for decision is whether a debt of $28,985.97 which became worthless in 1943 is deductible in its entirety under section 23 (k) (1), or whether it was a “non-business debt” within the meaning of that term as used in section 23 (k) (4) and, therefore, subject to the limiting provisions of that paragraph. The facts have been stipulated.
The petitioners are husband and wife. They filed a joint return for the calendar year 1943 with the…
2Cited by62 opinions
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Dallmeyer v. CommissionerUnited States Tax Court · 1950
- Boissevain v. CommissionerUnited States Tax Court · 1951
- Towers v. CommissionerUnited States Tax Court · 1955
- Bart v. CommissionerUnited States Tax Court · 1954
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