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HOBBS v. COMMISSIONER

Docket No. 92080.

23 T.C.M. 1258 (1964)

T.C. Memo. 1964-208

Kelly C. Hobbs and Celestia A. Hobbs v. Commissioner.

United States Tax Court.

Filed August 5, 1964.

Attorney(s) appearing for the Case

Thomas R. Ward, Broadmoor Mart, Meridian, Miss., Roland J. Mestayer, Jr., and C. Scott Edmundson, Jr., for the petitioners. Robert W. Goodman and Glen W. Gilson, II, for the respondent.

Memorandum Findings of Fact and Opinion

FORRESTER, Judge:

Respondent has determined deficiencies in the income taxes of petitioners in the amounts of $2,272.28 and $2,940.42 for the year 19561 and 1959, respectively. The following issues remain to be decided:

1. Are petitioners entitled to a deduction of $21,000 in 1959 on account of the alleged worthlessness of a debt owed to petitioner Kelly C. Hobbs by Gladys Martin...

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