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REPUBLIC STEEL CORPORATION v. UNITED STATES

No. 49535.

159 F.Supp. 366 (1958)

REPUBLIC STEEL CORPORATION v. UNITED STATES.

United States Court of Claims.

March 5, 1958.

Attorney(s) appearing for the Case

Seymour S. Mintz, Washington, D. C., for the plaintiff. Thomas F. Patton, Cleveland, Ohio, John S. Brookes, Jr., O. R. McGuire, Jr., Robert K. Eifler and Hogan & Hartson, Washington, D. C., were on the briefs.

Harold S. Larsen, Washington, D. C., with whom was Asst. Atty. Gen. Charles K. Rice, for the defendant. James P. Garland, Washington, D. C., was on the briefs.

JONES, Chief Judge.

This is a suit for an income tax refund. The primary issue is whether at the time of the dissolution of a wholly-owned corporation the book indebtedness of such corporation owing to the plaintiff should be reduced by $1,250,000, being the amount represented by a promissory note. Disposition of this issue hinges on the promissory note's validity as indebtedness for purposes of bad debt and worthless stock loss deductions.1

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