Turner v. Commissioner
United States Tax Court
1. Petitioner Will C. Turner, an electrical contractor, and others formed a corporation, TASCO, Inc., in 1953 to engage in the general contracting business. Petitioner did not become a stockholder but his wife did. In 1953 petitioner advanced TASCO, Inc. $22,439 as working capital, taking a note therefor.
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1. Petitioner Will C. Turner, an electrical contractor, and others formed a corporation, TASCO, Inc., in 1953 to engage in the general contracting business. Petitioner did not become a stockholder but his wife did. In 1953 petitioner advanced TASCO, Inc. $22,439 as working capital, taking a note therefor. TASCO, Inc., became insolvent in 1954. Held, petitioner's loss was a nonbusiness bad debt. 2. TASCO, Inc., not being licensed as a general contractor, obtained the general contract on a housing project in 1953 in the name of Arney, a licensed general contractor, and agreed to do the work and…
1Opinion of the Court
Will C. Turner and Helen O. Turner v. Commissioner.
Turner v. Commissioner
Docket No. 71465.
United States Tax Court
T.C. Memo 1960-210; 1960 Tax Ct. Memo LEXIS 87; 19 T.C.M. (CCH) 1163; T.C.M. (RIA) 60210;
September 30, 1960
1. Petitioner Will C. Turner, an electrical contractor, and others formed a corporation, TASCO, Inc., in 1953 to engage in the general contracting business. Petitioner did not become a stockholder but his wife did. In 1953 petitioner advanced TASCO, Inc. $22,439 as working capital, taking a note therefor. TASCO, Inc., became insolvent in 1954. Held, petitioner's loss was a…
2Cases cited23 opinions
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