American Foundry Co. v. Commissioner
United States Board of Tax Appeals
The petitioner as of June 30, 1920, charged off an a debt ascertained to be worthless $94,619.03 owed to it by the Maxwell Motor Co. The debtor was ascertained to be in financial difficulties although not in the hands of a receiver at June 30, 1920. Held, that the amount charged off was not a legal deduction from gross income for the fiscal year ended June 30, 1920.
1Opinion of the Court
AMERICAN FOUNDRY CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
American Foundry Co. v. Commissioner
Docket No. 10497.
United States Board of Tax Appeals
11 B.T.A. 575; 1928 BTA LEXIS 3774;
April 13, 1928, Promulgated
The petitioner as of June 30, 1920, charged off an a debt ascertained to be worthless $94,619.03 owed to it by the Maxwell Motor Co. The debtor was ascertained to be in financial difficulties although not in the hands of a receiver at June 30, 1920. Held, that the amount charged off was not a legal deduction from gross income for the fiscal year ended June 30, 1920.
J…
2Cases cited1 opinion
- American Foundry Co. v. CommissionerUnited States Board of Tax Appeals · 1928