Sass v. Commissioner
United States Board of Tax Appeals
Loss. - In 1919 a bank called upon petitioner to pay $24,153.12 as guarantor for certain loans and in that year petitioner paid $4,899.58 cash and gave his note for the balance. Petitioner was on the cash basis. Held, that the $4,899.58 is a proper deduction and that the amount of the note is not deductible as a loss sustained in 1919. 7 B.T.A. 557 modified.
1Opinion of the Court
MORRIS SASS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Sass v. Commissioner
Docket No. 6922.
United States Board of Tax Appeals
12 B.T.A. 156; 1928 BTA LEXIS 3584;
May 28, 1928, Promulgated
Loss. - In 1919 a bank called upon petitioner to pay $24,153.12 as guarantor for certain loans and in that year petitioner paid $4,899.58 cash and gave his note for the balance. Petitioner was on the cash basis. Held, that the $4,899.58 is a proper deduction and that the amount of the note is not deductible as a loss sustained in 1919. 7 B.T.A. 557 modified.
Thos. J. Reilly, Esq., and Robert…
2Cases cited5 opinions
- Queenan v. PalmerIllinois Supreme Court · 1886
- Hawaiian Commercial & Sugar Co. v. Tax Assessor & CollectorHawaii Supreme Court · 1903
- Davis v. CommissionerUnited States Board of Tax Appeals · 1927
- Sass v. CommissionerUnited States Board of Tax Appeals · 1927
- Sass v. CommissionerUnited States Board of Tax Appeals · 1928