Goodman v. Helvering

L. HAND, Circuit Judge.

The táxpayer appeals from an order assessing him for a deficiency in his income tax for the year 1932, and the case turns upon two questions: First, whether it was proper to include in his income a credit item in his favor entered upon the books of a corporation in which he was a shareholder; and second, whether his notices of withdrawal from a number of Pennsylvania building and loan associations converted his shares in them into debts, and allowed him under § 23 (j) of the Revenue Act of 1932, 26 U.S.C.A.Int. Rev.Acts, page 490, to deduct the amount which had become…