D. P. Harris Hardware & Mfg. Co. v. Commissioner
United States Board of Tax Appeals
1. No option or election exists in section 234 of the Revenue Act of 1926 by which a taxpayer may take a deduction on account of a loss arising from a worthless debt, either in the year when the debt became worthless or in the year when the debt was ascertained to be worthless and charged off, but such deduction can only be allowed in the year when ascertained to be worthless and charged off. 2. Deductions denied on account of debts which were not ascertained to be worthless…
Read the full summary
1. No option or election exists in section 234 of the Revenue Act of 1926 by which a taxpayer may take a deduction on account of a loss arising from a worthless debt, either in the year when the debt became worthless or in the year when the debt was ascertained to be worthless and charged off, but such deduction can only be allowed in the year when ascertained to be worthless and charged off. 2. Deductions denied on account of debts which were not ascertained to be worthless and charged off within the taxable year.
1Opinion of the Court
D. P. HARRIS HARDWARE AND MANUFACTURING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
D. P. Harris Hardware & Mfg. Co. v. Commissioner
Docket No. 48379.
United States Board of Tax Appeals
24 B.T.A. 752; 1931 BTA LEXIS 1598;
November 12, 1931, Promulgated
1. No option or election exists in section 234 of the Revenue Act of 1926 by which a taxpayer may take a deduction on account of a loss arising from a worthless debt, either in the year when the debt became worthless or in the year when the debt was ascertained to be worthless and charged off, but such deduction can only be…
2Cases cited1 opinion
- D. P. Harris Hardware & Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1931