Henry v. Commissioner
United States Tax Court
Petitioner in 1925 purchased $ 5,000 bonds in corporation A at par. Interest payments on the bonds were defaulted in 1929 and a bondholders' committee was formed. Petitioner deposited her bonds with the committee. In 1935 she determined the bonds to be worthless, wrote them off, and in her income tax return for that year claimed a bad debt loss of $ 5,000, which loss was subsequently disallowed by respondent.
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Petitioner in 1925 purchased $ 5,000 bonds in corporation A at par. Interest payments on the bonds were defaulted in 1929 and a bondholders' committee was formed. Petitioner deposited her bonds with the committee. In 1935 she determined the bonds to be worthless, wrote them off, and in her income tax return for that year claimed a bad debt loss of $ 5,000, which loss was subsequently disallowed by respondent. In 1936, proceedings under section 77B of the Bankruptcy Act were instituted against A and, under a plan of reorganization approved by the court having jurisdiction of the proceedings,…
1Opinion of the Court
Bertha A. Henry, Petitioner, v. Commissioner of Internal Revenue, Respondent
Henry v. Commissioner
Docket No. 7674
United States Tax Court
7 T.C. 228; 1946 U.S. Tax Ct. LEXIS 142;
June 26, 1946, Promulgated
Decision will be entered for the petitioner.
Petitioner in 1925 purchased $ 5,000 bonds in corporation A at par. Interest payments on the bonds were defaulted in 1929 and a bondholders' committee was formed. Petitioner deposited her bonds with the committee. In 1935 she determined the bonds to be worthless, wrote them off, and in her income tax return for that year claimed a bad debt loss of $…
2Cases cited4 opinions
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Helvering v. Cement Investors, Inc.Supreme Court of the United States · 1942
- Henry v. CommissionerUnited States Tax Court · 1946