Capps v. Commissioner
United States Tax Court
Amount paid by petitioner in the taxable year in satisfaction of a personal obligation under an indemnity agreement held deductible under sec. 23(e)(2), I.R.C. of 1939, as a loss incurred in a transaction entered into for profit.
1Opinion of the Court
C. W. Capps and Margaret G. Capps v. Commissioner.
Capps v. Commissioner
Docket No. 39282.
United States Tax Court
T.C. Memo 1955-136; 1955 Tax Ct. Memo LEXIS 203; 14 T.C.M. (CCH) 505; T.C.M. (RIA) 55136;
May 25, 1955
Amount paid by petitioner in the taxable year in satisfaction of a personal obligation under an indemnity agreement held deductible under sec. 23(e)(2), I.R.C. of 1939, as a loss incurred in a transaction entered into for profit.
Ben F. Mitchel, Esq., and Percy C. Young, Esq., for the petitioners. Lester R. Uretz, Esq., for the respondent.
HARRON
Memorandum Findings of Fact and Opinion
HAR…
2Cases cited3 opinions
- Hale v. CommissionerUnited States Board of Tax Appeals · 1935
- Hess v. CommissionerUnited States Tax Court · 1946
- Hogan v. CommissionerUnited States Tax Court · 1944