Watkins v. Glenn

SHELBOURNE, Chief Judge.

This suit filed February 14, 1948, seeks recovery from the Collector of Internal Revenue of this District of $4,520.64, the amount, with interest, of an assessment against the plaintiff on income taxes for the fiscal year ending June 30, 1943.

The validity of the assessment is dependent upon whether the plaintiff properly deducted on his income tax return for the fiscal year ending June 30, 1943, an indebtedness due him by Fincastle Realty Company.

The deduction was attempted to be made under Section 23(k) of the Internal Revenue Code, as amended by section 124(a) of the…