Jarvis v. Commissioner
United States Tax Court
Held, loans made by petitioner to a corporation of which he was a stockholder that became worthless in 1953, were deductible only as nonbusiness bad debts under section 23(k)(4) and not deductible as business bad debts under section 23(k)(1).
1Opinion of the Court
James D. Jarvis and Mary C. Jarvis, Petitioners, v. Commissioner of Internal Revenue, Respondent
Jarvis v. Commissioner
Docket No. 67492
United States Tax Court
32 T.C. 173; 1959 U.S. Tax Ct. LEXIS 188;
April 22, 1959, Filed
Decision will be entered for the respondent.
Held, loans made by petitioner to a corporation of which he was a stockholder that became worthless in 1953, were deductible only as nonbusiness bad debts under section 23(k)(4) and not deductible as business bad debts under section 23(k)(1).
Lester Fleming, Esq., for the petitioners.
Drew R. Tillotson, Esq., for the respondent.
Mulroney,…
2Cases cited5 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Towers v. CommissionerUnited States Tax Court · 1955
- Barish v. CommissionerUnited States Tax Court · 1959
- Vreeland v. CommissionerUnited States Tax Court · 1958
- Jarvis v. CommissionerUnited States Tax Court · 1959