COMMISSIONER OF INTERNAL REVENUE v. NATIONAL BANK OF COMMERCE OF SAN ANTONIO, TEX.

No. 9505.

112 F.2d 946 (1940)

COMMISSIONER OF INTERNAL REVENUE v. NATIONAL BANK OF COMMERCE OF SAN ANTONIO, TEX.

Circuit Court of Appeals, Fifth Circuit.

June 27, 1940.


Attorney(s) appearing for the Case

John A. Gage and Sewall Key, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John W. Smith, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for petitioner.

Robert S. Durno, D. M. Gordon, Jr., and P. M. Chuoke, Jr., all of Houston, Tex., for respondent.

Before FOSTER, HUTCHESON, and HOLMES, Circuit Judges.


HUTCHESON, Circuit Judge.

What is in question here is whether the loss resulting to the taxpayer from its acceptance of the security in cancellation of notes secured by a deed of trust, was, as the board held, a bad debt loss, under Section 23, Revenue Act of 1934,1 or was as claimed by the Commissioner, a capital loss under Section 117 of the Act.2 The facts as stipulated by the parties and as found by the...

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