Olson v. Commissioner
United States Tax Court
1. Stock of Trask-Willamette Co. held to have become worthless during the year 1941. 2. Note secured by assignment of an interest in a logging venture was taken by petitioner in 1935 for money loaned to the Trask-Willamette Co. The note became worthless during 1941, and the principal amount thereof is held to be deductible as a bad debt in that year. 3. Petitioner, in a community property state, procured a timber contract through the use of his separate funds and assigned…
Read the full summary
1. Stock of Trask-Willamette Co. held to have become worthless during the year 1941. 2. Note secured by assignment of an interest in a logging venture was taken by petitioner in 1935 for money loaned to the Trask-Willamette Co. The note became worthless during 1941, and the principal amount thereof is held to be deductible as a bad debt in that year. 3. Petitioner, in a community property state, procured a timber contract through the use of his separate funds and assigned the contract to a partnership of which he was a member. Held, petitioner's distributable share of the profits realized…
1Opinion of the Court
Haklan, Judge:
This proceeding involves a deficiency in income Lax for the calendar year 1941 in the amount of $28,512.05.
We are asked to determine:(1) Whether the Commissioner erred in determining that the stock of the Trask-Willamette Co. became worthless prior to 1941.(2) Whether the Commissioner erred in disallowing a bad debt deduction in connection with the Trask-Willamette note.(3) Whether the Commissioner erred in determining that the profit from the sale of the Keeler Creek logging contract was petitioner’s separate income.(4) Whether the Commissioner erred in determining that the…
2Cases cited7 opinions
- Katterhagen v. MeisterWashington Supreme Court · 1913
- Finn v. FinnWashington Supreme Court · 1919
- United States Fidelity & Guaranty Co. v. LeeWashington Supreme Court · 1910
- Union Securities Co. v. SmithWashington Supreme Court · 1916
- Yake v. PughWashington Supreme Court · 1895
2 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Mathisen v. CommissionerUnited States Tax Court · 1954
- Cherrydale Cement Block Co. v. CommissionerUnited States Tax Court · 1962
- Mathisen v. CommissionerUnited States Tax Court · 1954
- Olson v. CommissionerUnited States Tax Court · 1948
- Tolfree v. CommissionerUnited States Tax Court · 1954