Anderson v. Commissioner
United States Tax Court
As a distributee of his father's estate the petitioner became entitled to receive two-thirds of the balance due the estate from a stock brokerage partnership of which his father was a member and which was dissolved by his death. Among the assets of the dissolved partnership was a debt owed to the partnership by one of the partners.
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As a distributee of his father's estate the petitioner became entitled to receive two-thirds of the balance due the estate from a stock brokerage partnership of which his father was a member and which was dissolved by his death. Among the assets of the dissolved partnership was a debt owed to the partnership by one of the partners. This debt became worthless in 1941 and in his income tax return for that year the petitioner deducted what he claimed was his pro rata share of the worthless debt, which deduction was disallowed by the respondent in the determination of the deficiency. Held, that…
1Opinion of the Court
OPINION.
Smith, Judge:
The question presented is whether under the facts stated in our findings the petitioner is entitled to deduct from gross income in his return for 1941 $23,318.53 of the debt of Edward G. King owed to the partnership of Chauncey & Co., dissolved by the death of petitioner’s father, which debt became worthless in 1941. The deduction is claimed by the petitioner as a worthless debt.
In the deficiency notice the respondent disallowed the deduction of the $23,318.53 for the reason that it:
* * * represents a deduction made by you in connection with the liquidation of the…
2Cited by1 opinion
- Anderson v. CommissionerUnited States Tax Court · 1945