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ARLINGTON PARK JOCKEY CLUB v. SAUBER

Nos. 12453, 12454.

262 F.2d 902 (1959)

ARLINGTON PARK JOCKEY CLUB, Inc., Plaintiff-Appellant. v. Ernest J. SAUBER, District Director of Internal Revenue, Defendant-Appellee, WASHINGTON PARK JOCKEY CLUB, Inc., a corporation, Plaintiff-Appellant, v. Ernest J. SAUBER, District Director of Internal Revenue, Defendant-Appellee.

United States Court of Appeals Seventh Circuit.

February 2, 1959.

Attorney(s) appearing for the Case

Leo J. Schwartz, William J. Friedman, Arthur S. Freeman, Chicago, Ill., for appellants.

Robert Tieken, U. S. Atty., Chicago, Ill., Charles K. Rice, Asst. Atty. Gen., Arthur I. Gould, Atty., Tax Division, U. S. Dept. of Justice, Washington, D. C., Lee A. Jackson, Robert N. Anderson, Attys., Dept. of Justice, Washington, D. C., Donald S. Lowitz, Asst. U. S. Atty., Chicago, Ill., for appellee.

Before DUFFY, Chief Judge, and HASTINGS and KNOCH, Circuit Judges.

DUFFY, Chief Judge.

Plaintiffs each brought a suit to recover corporate income taxes paid for the year 1948. The two cases were consolidated for trial. The question before us is whether plaintiffs may deduct as bad debts the sum of $227,225.71 which each advanced or loaned to a wholly-owned subsidiary in an unsuccessful effort to put the subsidiary on a self-sustaining business basis.

The Commissioner of Internal Revenue disallowed the deductions as bad debts...

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