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AMERICAN ZINC, LEAD AND SMELTING COMPANY v. COMMISSIONER

Docket No. 109991.

2 T.C.M. 160 (1943)

American Zinc, Lead and Smelting Company, a corporation v. Commissioner.

United States Tax Court.

Entered May 26, 1943.

Attorney(s) appearing for the Case

C. Powell Fordyce, Esq., 506 Olive St., St. Louis, Mo., for the petitioner. Angus R. Shannon, Jr., Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Respondent determined a deficiency in income tax for the calendar year 1939 against petitioner in the sum of $10,236.40. Petitioner assigned the following errors as to this determination: (1) the disallowance of $53,737.03 deducted as a bad debt owed to petitioner by its wholly-owned subsidiary, Appalachian Limestone Company; (2) the disallowance of a deduction of $1 as a loss on stock owned by petitioner in Appalachian Limestone...

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