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FOX v. COMMISSIONER OF INTERNAL REVENUE

No. 205, Docket 21889.

190 F.2d 101 (1951)

FOX v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

Decided July 2, 1951.

Attorney(s) appearing for the Case

Harold Wisan, of New York City (Albert Krassner, of New York City, on the brief), for petitioner.

Helen Goodner, Sp. Asst. to Atty. Gen. (Theron Lamar Caudle, Asst. Atty. Gen., and Ellis N. Slack, Robert N. Anderson, and Fred E. Youngman, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before SWAN, AUGUSTUS N. HAND, and CLARK, Circuit Judges.

CLARK, Circuit Judge.

Agnes I. Fox, the taxpayer and petitioner for review, in 1935 entered into a written guaranty of certain debts of her husband and now seeks to deduct as a loss from her 1944 income the sum of $15,000 paid by her on the guaranty in that year. The Tax Court treated the payment as a "non-business" bad debt, subject to deduction only to the extent of a short-term capital loss, viz., $1,156.25. 14 T.C. 1160 ...

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