The Commissioner determined a deficiency of $7,388.47 in income tax for 1940, in part by disallowing the deduction of $38,927.91 claimed as a bad debt. Petitioner contends that this amount, representing the part of a partnership credit balance relinquished by him in a settlement agreement with his brother and sister, is deductible either as a bad debt or as a loss, since he had individually advanced funds reflected in the credit balance for the conduct of the partnership...
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