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OMAHA NAT. BANK v. COMMISSIONER OF INTERNAL REV.

No. 14058.

183 F.2d 899 (1950)

OMAHA NAT. BANK v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Eighth Circuit.

August 17, 1950.

Attorney(s) appearing for the Case

E. B. Crofoot Omaha, Neb. (Fraser, Connolly, Crofoot & Wenstrand Omaha, Neb. on the brief) for petitioner.

Francis W. Sams, Special Assistant to the Attorney General (Theron Lamar Caudle, Assistant Attorney General, and Ellis N. Slack and A. F. Prescott, Special Assistants to the Attorney General, on the brief) for respondent.

Before GARDNER, Chief Judge, and THOMAS and COLLET, Circuit Judges.

THOMAS, Circuit Judge.

In his income tax return for 1944, L(odowick) F. Crofoot (since deceased) claimed a deduction in the amount of $10,407.90 for losses from business bad debts incurred in his trade or business under § 23(k)(1) 26 U.S.C.A. § 23(k)(1) of the Internal Revenue Code. The Commissioner disallowed the deduction on the ground that the losses claimed were non-business bad debts deductible as short-term capital losses under § 23(k)(4) of the...

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