Busch v. Commissioner of Internal Revenue

HUTCHESON, Circuit Judge.

This petition to review the decision of the Board of Tax Appeals assigns two errors:(1) That the Board erred in denying to Clarence M. Busch the right to deduct as a bad debt in 1923 $29,000 advanced by him, in that year personally to himself as trustee, and by him as trustee used to pay taxes due by a trust estate of which he and his wife, the other petitioner, were part owners.(2) That the fiduciary return made by him as trustee showing that the trust estate sustained net losses in its fiscal year ending March 31,1922, of $14,353.55, of $6,002.02 in its fiscal year…