Legal Opinion
McClain v. Commissioner
Supreme Court of the United States
Decided January 6, 1941No. Nos. 55, 58PublishedCited by 52 opinions
1Opinion of the CourtJustice Roberts
These oases present the question whether upon the surrender of bonds or debentures in exchange for a money-payment less than cost, a taxpayer may deduct the loss from his gross income as a bad deht under § 23 (k) 1 or must treat' it as a capital loss under § 117 (f) 2 of the Revenue Act of 1934.
In number 55 it appears that the taxpayer owned $15,000 par value of bonds of a water district, acquired by gift. The district being in financial difficulties offered to pay $7,476.75- for them. The offer was accepted and the bonds delivered. In his tax return the taxpayer claimed a deduction of…
2Cases cited6 opinions
- Fairbanks v. United StatesSupreme Court of the United States · 1939
- Pacific Nat. Bank v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1937
- Lebanon Nat. Bank v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1935
- Commonwealth Commercial State Bank v. LucasCourt of Appeals for the D.C. Circuit · 1930
- McClain v. CommissionerCourt of Appeals for the Fifth Circuit · 1940
1 more not listed; retrieve them via the Exa API.
3Cited by52 opinions
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- United States v. Midland-Ross Corp.Supreme Court of the United States · 1965
- Commissioner of Internal Revenue v. CaulkinsCourt of Appeals for the Sixth Circuit · 1944
- General Motors Corporation v. BlevinsDistrict Court, D. Colorado · 1956
- Caulkins v. CommissionerUnited States Tax Court · 1943
47 more not listed; retrieve them via the Exa API.