Investors Discount Corp. v. Commissioner
United States Tax Court
Petitioner owned debt obligations, subject to repurchase undertakings on the part of third parties. Held, that, in the absence of evidence that the repurchase undertakings would not be honored, petitioner is not entitled to additions to its bad debt reserve with respect to such debt obligations.
1Opinion of the Court
Investors Discount Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
Investors Discount Corp. v. Commissioner
Docket No. 3689-65
United States Tax Court
48 T.C. 767; 1967 U.S. Tax Ct. LEXIS 49;
August 29, 1967, Filed
Decision will be entered for the respondent.
Petitioner owned debt obligations, subject to repurchase undertakings on the part of third parties. Held, that, in the absence of evidence that the repurchase undertakings would not be honored, petitioner is not entitled to additions to its bad debt reserve with respect to such debt obligations.
H. Thompson Nicholas, Jr.,…
2Cases cited17 opinions
- Putnam v. CommissionerSupreme Court of the United States · 1956
- Southeastern Finance Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1946
- Krim-Ko Corp. v. CommissionerUnited States Tax Court · 1951
- Southeastern Finance Co. v. CommissionerUnited States Tax Court · 1945
- Underhill v. CommissionerUnited States Tax Court · 1966
12 more not listed; retrieve them via the Exa API.