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AMERICAN-LA FRANCE-FOAMITE CORPORATION v. C. I. R.

No. 9, Docket 26030.

284 F.2d 723 (1960)

AMERICAN-LA FRANCE-FOAMITE CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided December 13, 1960.

Attorney(s) appearing for the Case

Lawrence A. Baker, New York City (William W. Karatz, New York City, Winthrop Stimson Putnam & Roberts, New York City, of counsel), for petitioner.

Morton K. Rothschild, Department of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson and I. Henry Kutz, Department of Justice, Washington, D. C.), for respondent.

Before LUMBARD, Chief Judge, and WATERMAN and MOORE, Circuit Judges.

MOORE, Circuit Judge.

By petition for review, petitioner, American-La France-Foamite Corporation, seeks to reverse so much of a decision of the Tax Court as denied petitioner a deduction of $506,887.06 in its 1951 income tax included in its return as a worthless debt. As a result of this disallowance, a deficiency in income tax of $266,558.13 was assessed.

The sole question presented is whether advances made during...

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