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AMERICAN FELT CO. v. BURNET

No. 5303.

58 F.2d 530 (1932)

AMERICAN FELT CO. v. BURNET, Commissioner of Internal Revenue.

Court of Appeals of District of Columbia.

Decided April 4, 1932.

Attorney(s) appearing for the Case

Frank L. Peckham, of Washington, D. C., and Hugh D. McLellan and W. Sidney Felton, both of Boston, Mass., for appellant.

Sewall Key, C. M. Charest, D. M. Evans, G. A. Youngquist, J. Louis Monarch, and Carlton Fox, all of Washington, D. C., for appellee.

Before MARTIN, Chief Justice, and ROBB, VAN ORSDEL, and GRONER, Associate Justices.

MARTIN, Chief Justice.

The question involved herein is whether the appellant corporation is entitled to a deduction of $426,789.07, in its income tax returns for the year 1919. The deduction is claimed as a "debt ascertained to be worthless and charged off within the taxable year," within section 234 (a) (5) of the Revenue Act of 1918, 40 Stat. 1057, 1078.

The claim was disallowed by the Commissioner of Internal Revenue...

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