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WALKER v. COMMISSIONER OF INTERNAL REVENUE

No. 8224.

88 F.2d 170 (1937)

WALKER v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 19, 1937.

Attorney(s) appearing for the Case

A. W. Clapp, of Atlanta, Ga., for petitioner.

Howard P. Locke, S. Dee Hanson, and Sewall Key, Sp. Assts. to the Atty. Gen., Robert H. Jackson and James W. Morris, Asst. Attys. Gen., and Herman Oliphant, Gen. Counsel, Dept. of Treasury, and Owen W. Swecker, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before FOSTER, SIBLEY, and HUTCHESON, Circuit Judges.

HUTCHESON, Circuit Judge.

Petitioner was in 1930 a member of Walker Electrical Company, a partnership, successor to the partnership of Walker Electric & Plumbing Company. In that year his account on the books of the partnership was credited with $11,689.39, his proportion of a partnership indebtedness totaling $16,134.02, which was forgiven in that year by creditors of the old partnership. Petitioner, claiming that no taxable income resulted from this forgiveness...

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