Klein v. Commissioner
United States Board of Tax Appeals
1. Under the circumstances of this case, held that no basis exists for the allowance of a deduction for an alleged bad debt. 2. The action of the Commissioner in determining that certain rent had accrued, sustained.
1Opinion of the Court
*1059OPINION.
Sea well :
In the first place the petitioners contend that a deduction should be allowed in computing the net income of the partnership in the amount of $44,807.78, on the ground that when a building was conveyed by a corporation, whose stock was held by the partnership or partners, to the partnership, the designated purchase price was insufficient to that extent to extinguish the obligations of the corporation to the partnership and no assets remained in the corporation with which this could be satisfied. When the relationship between the corporation and the partnership is considered,…
2Cases cited1 opinion
- United States v. AndersonSupreme Court of the United States · 1926
3Cited by2 opinions
- Klein v. CommissionerUnited States Board of Tax Appeals · 1930
- Permanent Homes Land Co. v. CommissionerUnited States Board of Tax Appeals · 1932