Algy, Inc. v. Commissioner

Algy, Inc. v. Commissioner.

Algy, Inc. v. Commissioner

Docket No. 33290.

United States Tax Court

1952 Tax Ct. Memo LEXIS 6; 11 T.C.M. (CCH) 1218;

December 23, 1952

Held: On the facts found, the debt owed petitioner by its president and largest stockholder, became uncollectible, i.e., worthless, and was properly deductible in the year 1944, pursuant to Section 23 (k) (1), I.R.C.

Arthur Richenthal, Esq., for the petitioner. Arthur L. Nims, III, Esq., for the respondent.

VAN FOSSAN

Memorandum Findings of Fact and Opinion

Respondent determined deficiencies in taxes of the petitioner for the calendar year…