PAYER v. COMMISSIONER

Docket No. 7701.

5 T.C.M. 917 (1946)

Harry F. Payer v. Commissioner.

United States Tax Court.

Entered October 8, 1946.


Attorney(s) appearing for the Case

Lloyd F. Loux, Esq., 1000 N. B. C. Bldg., Cleveland, Ohio, for the petitioner. W. W. Kerr, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

This proceeding involves deficiencies in income tax in the amounts of $4,061.37 for the calendar year 1940 and $544.41 for the calendar year 1941. The questions presented for decision relate only to the deficiency determined for the year 1940, and are whether a certain loss sustained by petitioner in 1940 was an ordinary loss or a long-term capital loss and whether petitioner should be allowed certain bad debt deductions claimed...

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