Barish v. Commissioner
United States Tax Court
Petitioner asserts that he was in the business of promoting, organizing, and financing businesses and of lending money. It is stipulated that his loans to Barman Auto Sales, Inc., became worthless in 1953. Held: 1. There being no proof that petitioner promoted, organized, or financed said debtor, it follows that no proximate relation between the bad debt and the alleged business has been shown and claimed business deduction is disallowed. 2. Petitioner's activities were not…
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Petitioner asserts that he was in the business of promoting, organizing, and financing businesses and of lending money. It is stipulated that his loans to Barman Auto Sales, Inc., became worthless in 1953. Held: 1. There being no proof that petitioner promoted, organized, or financed said debtor, it follows that no proximate relation between the bad debt and the alleged business has been shown and claimed business deduction is disallowed. 2. Petitioner's activities were not extensive enough to prove he was in the business of lending money, hence, the bad debt is disallowed as a business…
1Opinion of the Court
FoReestbR, Judge:
The respondent has determined a deficiency of $3,015.38 in the petitioners’ income tax for the year 1953. The sole issue is whether the losses suffered from the worthlessness of certain loans made by Max Barish should be treated as business or nonbusiness bad debts.
FINDINGS OF FACT.
Some of the facts have been stipulated and are so found.
Max M. Barish, hereinafter referred to as the petitioner, and Etta Barish, husband and wife, filed their joint Federal income tax return for the calendar year 1953 on the cash basis with the district director of internal revenue at Los…
2Cases cited10 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Dalton v. BowersSupreme Court of the United States · 1932
- Boissevain v. CommissionerUnited States Tax Court · 1951
- Berwind v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1954
- Nash v. CommissionerUnited States Tax Court · 1958
5 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Rollins v. CommissionerUnited States Tax Court · 1959
- Imel v. CommissionerUnited States Tax Court · 1973
- Sales v. CommissionerUnited States Tax Court · 1961
- Jarvis v. CommissionerUnited States Tax Court · 1959
- Jessup v. CommissionerUnited States Tax Court · 1977
18 more not listed; retrieve them via the Exa API.