Gillespie v. Commissioner
United States Tax Court
Petitioners were the principal stockholders and directors of Gillespie Equipment, Inc. Robert E. Gillespie was also a salaried executive of that company. Advances made to the company, and the payment, as guarantors, of corporate debt gave rise to bad debts. Held, the losses were nonbusiness bad debts inasmuch as such losses were not proximately related to a trade or business of the petitioners.
1Opinion of the Court
Robert E. Gillespie and Dorothy B. Gillespie, Petitioners v. Commissioner of Internal Revenue, Respondent
Gillespie v. Commissioner
Docket Nos. 3210-67, 6468-67
United States Tax Court
54 T.C. 1025; 1970 U.S. Tax Ct. LEXIS 141;
May 18, 1970, Filed
Decisions will be entered for the respondent in docket Nos. 3210-67 and 6468-67.
Petitioners were the principal stockholders and directors of Gillespie Equipment, Inc. Robert E. Gillespie was also a salaried executive of that company. Advances made to the company, and the payment, as guarantors, of corporate debt gave rise to bad debts. Held, the losses…
2Cases cited12 opinions
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Putnam v. CommissionerSupreme Court of the United States · 1956
- John M. Trent and Lisa M. Trent v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
- George P. Weddle and Bertha R. (Terris) Weddle v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1963
- Trent v. CommissionerUnited States Tax Court · 1960
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