Thompson v. Commissioner
United States Board of Tax Appeals
The petitioner is entitled to a deduction on account of debts ascertained to be worthless and charged off during the taxable year.
1Opinion of the Court
*1127OPINION.
TRAMMEim:
We arc convinced by the evidence that the notes in question were ascertained to be worthless and charged off during the taxable year.
*1128The respondent contends that the deduction is not allowable for the reason that the notes were worthless at the time they were received and consequently could not be deducted in 1924. He also contends that since there is no evidence to show that the amount of the notes was included in or carried in income account, it could not be deducted.
We will discuss the latter contention first. It is true that there is no evidence to show that the notes…
2Cited by4 opinions
- United States v. Zelma T. Kyle and Betty K. KyleCourt of Appeals for the Fourth Circuit · 1957
- Kyle v. United StatesDistrict Court, E.D. Virginia · 1956
- Ahadpour v. CommissionerCourt of Appeals for the Ninth Circuit · 2002
- Thompson v. CommissionerUnited States Board of Tax Appeals · 1928