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LARSON v. CUESTA

No. 9745.

120 F.2d 482 (1941)

LARSON, Collector of Internal Revenue, v. CUESTA et al.

Circuit Court of Appeals, Fifth Circuit.

June 4, 1941.

Attorney(s) appearing for the Case

F. E. Youngman, Sewall Key, and Michael H. Cardozo, IV., Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., H. S. Phillips, U. S. Atty., of Tampa, Fla., and Harry G. Taylor, Sp. Asst. to U. S. Atty., of Miami, Fla., for appellant.

Ray C. Brown, of Tampa, Fla., for appellees.

Before SIBLEY, HOLMES, and McCORD, Circuit Judges.

HOLMES, Circuit Judge.

This appeal involves income taxes for the year 1935. The controversy arises out of a loss sustained by the taxpayer with respect to certain bonds of the Peninsula Motors Corporation purchased by him in 1925. The bonds were part of a total issue of $120,000, and were secured by a trust deed in the nature of a mortgage on real estate in Florida. The question presented is: Did the court below err in allowing the taxpayer to deduct as a bad debt...

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