W. L. Moody Cotton Co. v. Commissioner

HUTCHESON, Circuit Judge.

Failing in the Tax Court to obtain a re-determination of deficiencies for the fiscal year ending August 31, 1937, satisfactory to it, petitioner is here seeking a reversal. The facts as stipulated and testified to are fully set out in the opinion of the Tax Court.1 It will be sufficient to refer to that opinion for a statement of the facts as a whole and to present a brief abstract of ’ them as they bear on each of the three questions presented.

The first is whether the petitioner, a corporation, on a cash receipts and disbursements basis, is entitled to a bad debts…