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HICKERSON v. COMMISSIONER OF INTERNAL REVENUE

No. 112, Docket 23641.

229 F.2d 631 (1956)

John M. HICKERSON, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided January 11, 1956.

Attorney(s) appearing for the Case

Peter W. Quinn, New York City, for petitioner (Eugene C. Wohlhorn, Bellaire, N. Y., of counsel).

H. Brian Holland, Ellis N. Slack and L. W. Post, Washington, D. C., for respondent.

Before SWAN, FRANK and LUMBARD, Circuit Judges.

FRANK, Circuit Judge.

The basic question is whether the bad debts here involved are business or non-business bad debts, as defined in Section 23(k) (4). Under the definition in that subsection, a "`non-business debt'" is a debt other than one "evidenced by a security as defined in paragraph (3) and other than a debt the loss from the worthlessness of which is incurred in the taxpayer's trade or business." The loans were not evidenced by a security as defined in paragraph...

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