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McCLAIN v. COMMISSIONER OF INTERNAL REVENUE

No. 9370.

110 F.2d 878 (1940)

McCLAIN v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Writ of Certiorari Granted May 20, 1940.

Attorney(s) appearing for the Case

M. E. Kilpatrick, of Atlanta, Ga., for petitioner.

F. E. Youngman, Sewall Key, and Newton K. Fox, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John M. Morawski, Sp. Atty. Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HUTCHESON, and HOLMES, Circuit Judges.

Writ of Certiorari Granted May 20, 1940. See 60 S.Ct. 1079, 84 L.Ed. ___.

SIBLEY, Circuit Judge.

Having owned for seven years $15,000 par value of Cameron County Water Improvement District coupon bonds, in 1935 the taxpayer accepted from the District for them $7,476.75, and in his tax return claimed a deduction of $7,523.25 as for a bad debt charged off. The Board of Tax Appeals upheld the Commissioner in his ruling that the loss was not a bad debt under Sect...

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