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FIRST NAT. BANK OF FORT WORTH v. COM'R OF INT. REVENUE

No. 10771.

140 F.2d 938 (1944)

FIRST NAT. BANK OF FORT WORTH v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 28, 1944.

Attorney(s) appearing for the Case

Warren Scarborough, of Fort Worth, Tex., for petitioner.

Ray A. Brown, Sewall Key, and Warren F. Wattles, Sp. Assts. to the 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 of Washington, D. C., for respondent.

Before SIBLEY, McCORD, and WALLER, Circuit Judges.

McCORD, Circuit Judge.

The Tax Court denied the First National Bank of Fort Worth, Texas, a deduction on income taxes for the calendar year 1938, and it petitions for review.

The question: Did the Tax Court err in denying taxpayer a deduction under Section 23(k) of the Revenue Act of 1938, 26 U.S. C.A.Int.Rev.Acts, page 1013, in the sum of $52,219.11 for the year 1938 on account of a debt owed the taxpayer by the First National Bank of El Paso, Texas?

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