Melvyn L. Bell v. CIR

United States Court of Appeals FOR THE EIGHTH CIRCUIT ___________ No. 98-3241 ___________ Melvyn L. Bell, * * Appellant, * * Appeal from the United States v. * Tax Court. * Commissioner of Internal Revenue, * * Appellee. * ___________ Submitted: September 15, 1999 Filed: January 5, 2000 ___________ Before RICHARD S. ARNOLD, FLOYD R. GIBSON, and LOKEN, Circuit Judges. ___________ LOKEN, Circuit Judge. The Internal Revenue Code allows taxpayers to deduct “bad debts.” An individual taxpayer may deduct from ordinary income a business debt if it becomes totally or partially worthless during the…