Niehaus v. Commissioner
United States Tax Court
Held, where petitioners made loans evidence by notes to a corporation in which one petitioner was an officer and major shareholder, under the facts of the case, the unpaid balance of the loans was a nonbusiness bad debt within the meaning of section 166(d) of the I.R.C. of 1954 rather than a business bad debt under section 166(a) or a loss under section 165(c).
1Opinion of the Court
Frank H. Niehaus and Margaret Niehaus v. Commissioner.
Niehaus v. Commissioner
Docket No. 74622.
United States Tax Court
T.C. Memo 1960-42; 1960 Tax Ct. Memo LEXIS 247; 19 T.C.M. (CCH) 217; T.C.M. (RIA) 60042;
March 18, 1960
Held, where petitioners made loans evidence by notes to a corporation in which one petitioner was an officer and major shareholder, under the facts of the case, the unpaid balance of the loans was a nonbusiness bad debt within the meaning of section 166(d) of the I.R.C. of 1954 rather than a business bad debt under section 166(a) or a loss under section 165(c).
Francis C. Flynn,…
2Cases cited11 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Dalton v. BowersSupreme Court of the United States · 1932
- Boissevain v. CommissionerUnited States Tax Court · 1951
- Berwind v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1954
- Samuel Towers v. Commissioner of Internal Revenue, and Three Related CasesCourt of Appeals for the Second Circuit · 1957
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