First Nat. Bank & Trust Co. v. United States

SIBLEY, Circuit Judge.

George S. Jones in his 1936 income tax return took deductions in full of a loss sustained by his stock in Standard Realty Company having become valueless and its having been surrendered by him; and the further loss of a debt of about $1,000 against Standard Realty Company having been ascertained to be worthless and charged off during the year. The deductions were denied, additional taxes were assessed and paid, and a suit in the district court to recover them did not succeed.' This appeal followed.

Jones owned one-fourth of the capital stock of Standard Realty Company…