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SMITH v. COMMISSIONER

Docket No. 73234.

34 T.C. 1100 (1960)

BENJAMIN T. AND JEANNETTE M. SMITH, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 23, 1960.

Attorney(s) appearing for the Case

John R. Himes, Esq., for the petitioners.

Louis J. DeReuil, Esq., for the respondent.

Respondent determined a deficiency in petitioners' income tax for 1955 in the amount of $4,423.51. The question for decision is whether the amount paid by petitioner in 1955 to discharge the liability asserted against him under section 2707(a), I.R.C. 1939, is deductible either as a "loss" under section 165(c) or as a "bad debt" under section 166, I.R.C. 1954.

FINDINGS OF FACT.

Petitioners, husband and wife residing in Tampa, Florida, filed a joint income...

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