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PEABODY COAL CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 4515.

55 F.2d 7 (1931)

PEABODY COAL CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

Rehearing Denied February 18, 1932.

Attorney(s) appearing for the Case

Albert L. Hopkins, J. C. Halls, and Thos. P. Dudley, Jr., all of Chicago, Ill., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and John H. McEvers and Sewall Key, Sp. Assts. to Atty. Gen., and E. C. Crouter, of Washington, D. C. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Frank M. Thompson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before ALSCHULER, EVANS, and SPARKS, Circuit Judges.

ALSCHULER, Circuit Judge.

Petitioner complains of the redetermination of its federal income taxes for 1921, fixing its deficiency at $122,091.77. The controversy is over petitioner's undertaking to deduct from gross income the sum of $400,000 as a loss accrued in the taxable year under section 234 (a) (4) of the Revenue Act of 19211 (42 Stat. 227, 254), or as a debt ascertained to be worthless, and written off to the extent of $350,000...

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