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TRENT v. C. I. R.

No. 347, Docket 26813.

291 F.2d 669 (1961)

John M. TRENT and Lisa M. Trent, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided June 9, 1961.

Attorney(s) appearing for the Case

Edmund K. Trent, Pittsburgh, Pa. (Reed, Smith, Shaw & McClay, Pittsburgh, Pa., of counsel), for petitioners.

Richard J. Heiman, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, I. Henry Kutz and Richard J. Heiman, Attorneys, Department of Justice, Washington, D. C.), for respondent.

Before FRIENDLY and SMITH, Circuit Judges, and WATKINS, District Judge.

FRIENDLY, Circuit Judge.

The question is whether a corporate employee who makes loans to the corporation in order to hold his job may deduct for a business bad debt if the loans become worthless. Despite the Tax Court's statement, echoed before us by the Commissioner, that to give an affirmative answer "it would be necessary to overrule a large proportion of the cases dealing with this subject," the Commissioner has cited no decision of the Supreme Court or of a Court...

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