Memorandum Opinion
MURDOCK, Judge:
The Commissioner determined a deficiency of $7,684.12 in the income tax of the petitioners for 1953. He disallowed a deduction of $15,793.84 taken as a bad debt with the explanation that that amount "of worthless `advances' to B-R Cleaners, Inc., is not allowable as an ordinary loss deduction" but "the capital loss sustained therefrom is allowed subject to the limitation provided in section 117(d)." He considered $10,000...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
