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CEM SECURITIES CORPORATION v. UNITED STATES

No. 45321.

55 F.Supp. 109 (1944)

CEM SECURITIES CORPORATION v. UNITED STATES.

Court of Claims.

May 1, 1944.

Attorney(s) appearing for the Case

J. Marvin Haynes, of Washington, D. C., for plaintiff.

J. W. Hussey, of Washington, D. C., and Samuel O. Clark, Jr., Asst. Atty. Gen. (Robert N. Anderson and Fred K. Dyar, both of Washington, D. C., on the brief), for defendant.

Before WHALEY, Chief Justice, BOOTH, Chief Justice (retired), recalled, and LITTLETON, WHITAKER, and MADDEN, Judges.

MADDEN, Judge.

Plaintiff, in its income-tax return for the year 1933, claimed a bad-debt deduction of $115,500 because of a charge-off in that year as worthless of a note of one Utech for that amount which plaintiff held, and a business loss of $32,369.13 occasioned by the sale of 1,000 shares of stock to one Amberg for that amount less than the cost of the stock to plaintiff. The Commissioner of Internal Revenue disallowed...

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