Denniston v. Commissioner
United States Board of Tax Appeals
Petitioner Harold S. Denniston owned a note secured by a mortgage on real estate. In 1934 he surrendered the note and mortgage security thereon in consideration of the receipt of Home Owners' Loan Corporation bonds and a new note for the difference between the value of the bonds received and the amount of the debt.
Read the full summary
Petitioner Harold S. Denniston owned a note secured by a mortgage on real estate. In 1934 he surrendered the note and mortgage security thereon in consideration of the receipt of Home Owners' Loan Corporation bonds and a new note for the difference between the value of the bonds received and the amount of the debt. During the year he ascertained that the balance of the old debt included in the principal of the new note was worthless and charged it off on his books of account, and claimed the amount as a deduction from his gross income. Held, that the debt in the amount of $8,602.16 charged…
1Opinion of the Court
HAROLD S. DENNISTON AND MRS. FLORENCE F. DENNISTON, HUSBAND AND WIFE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Denniston v. Commissioner
Docket No. 91728.
United States Board of Tax Appeals
37 B.T.A. 834; 1938 BTA LEXIS 978;
May 12, 1938, Promulgated
Petitioner Harold S. Denniston owned a note secured by a mortgage on real estate. In 1934 he surrendered the note and mortgage security thereon in consideration of the receipt of Home Owners' Loan Corporation bonds and a new note for the difference between the value of the bonds received and the amount of the debt. During the year…
2Cases cited13 opinions
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Carpenter v. LonganSupreme Court of the United States · 1873
- Lewellyn v. Electric Reduction Co.Supreme Court of the United States · 1927
- Sexton v. . BreeseNew York Court of Appeals · 1892
- United States v. Commonwealth Title Insurance & Trust Co.Supreme Court of the United States · 1904
8 more not listed; retrieve them via the Exa API.