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CALAVO, INC. v. C. I. R.

No. 17345.

304 F.2d 650 (1962)

CALAVO, INC., and Calavo Growers of California, Successor to Assets and Liabilities of Calavo, Inc., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Ninth Circuit.

May 25, 1962.

Attorney(s) appearing for the Case

Goodson & Hannam, Bruce I. Hochman, and Avram Salkin, Los Angeles, Cal., for appellant.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Robert N. Anderson, Earl J. Silbert, and Harold M. Seidel, Attys., Dept. of Justice, Washington, D. C., for appellee.

Before BARNES, MERRILL and BROWNING, Circuit Judges.

MERRILL, Circuit Judge.

This case presents the question whether additions to a bad debt reserve may be made on the basis of circumstances rendering precarious (but not yet worthless) a specific item of indebtedness. The commissioner, ruling that such additions to reserve were not reasonable, determined deficiencies in income tax of Calavo, Inc., for the taxable years ending September 30, 1953, and September 30, 1955. The Tax Court upheld the commissioner and the taxpayer...

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