Cross v. Commissioner of Internal Revenue

WILBUR, Circuit Judge.

The question to be determined in this case is whether or not petitioner is entitled to deduction from his income for the year 1925 of a debt for $6,200 owing to him by his nephew, J. F. Pullen, on a promissory note dated June 20, 1921, for $6,200, given as the purchase price of stock in the Scandinavian American Bank of Seattle, which petitioner had purchased prior to June, 1920, for the sum of $12,400. Ten days after the sale by the petitioner to his nephew the bank went into the hands of the superintendent of banks of the state of Washington. From that date forward…