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HAMMONTON INVESTMENT AND MORTGAGE CO. v. C. I. R.

No. 13232.

284 F.2d 950 (1960)

HAMMONTON INVESTMENT AND MORTGAGE COMPANY, Petitioner v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided December 16, 1960.

Attorney(s) appearing for the Case

I. Finkelstein, Philadelphia, Pa., for petitioner.

Morton K. Rothschild, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent.

Before McLAUGHLIN, HASTIE and FORMAN, Circuit Judges.

PER CURIAM.

The Tax Court disallowed part of the reserve for bad debts claimed by the taxpayer for the years 1951, 1952 and 1953. Section 23(k) (1) of the 1939 Internal Revenue Code as amended by Section 113 (a) of the Revenue Act of 1943, c. 63, 58 Stat. 21, 26 U.S.C. § 23(k) (1), allows as a deduction from gross income "* * * (in the discretion of the Commissioner) a reasonable addition to a reserve for bad debts;" Treasury Regulations 111, promulgated under...

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