MATHEWS, Circuit Judge.
In its income tax return for 1931, petitioner, the Pacific National Bank of Seattle, claimed a deduction of $11,209.08 on account of debts ascertained to be partially worthless and recoverable only in part and, for that reason, charged off in part within the taxable year. The debts in question were interest-bearing bonds owned and held by petitioner. Respondent, the Commissioner of Internal Revenue, disallowed the deduction and, in consequence...
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