Legal Opinion
Estate of Van Anda v. Commissioner
United States Tax Court
Decided June 28, 1949No. Docket No. 19362PublishedCited by 10 opinions
1Opinion of the Court
OPINION.
ArundelIi, Judge:
Respondent has denied a deduction claimed by the petitioner’s decedent in the year 1942 for a bad debt in the amount of $12,756.37, on the basis that the transaction from which it arose was intended to be a family transaction between husband and wife and not a bona fide debtor-creditor relationship.
It is elementary that one of the essential prerequisites for a bad debt deduction is that the debt must have an existence in fact. Luke & Fleming, Inc., 1 B. T. A. 12; Emil Weitzner, 12 B. T. A. 724. We have stated that the existence of an obligation is the sine qua non of…
2Cases cited2 opinions
- Carpenter v. CommissionerUnited States Tax Court · 1948
- Ellisberg v. CommissionerUnited States Tax Court · 1947
3Cited by10 opinions
- Clark v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1953
- Sherman v. CommissionerUnited States Tax Court · 1952
- Estate of Lydia G. Maxwell, Deceased First National Bank of Long Island Victor C. McCuaig Jr., Executors v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1993
- Mercil v. CommissionerUnited States Tax Court · 1955
- Estate of Lulu K. Flandreau, Deceased, Richard Knies v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1993
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