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JOHNSON v. McLEOD

Civ. A. No. 8339.

241 F.Supp. 178 (1965)

F. Mitchell JOHNSON and Margaret S. Johnson v. H. M. McLEOD, Director of Internal Revenue for the District of South Carolina.

United States District Court E. D. South Carolina, Charleston Division.

April 20, 1965.

Attorney(s) appearing for the Case

Sinkler, Gibbs and Simons, Charleston, S. C., for plaintiffs.

Terrell L. Glenn, U. S. Atty., Thomas P. Simpson, Asst. U. S. Atty., and H. Stennis Little, Jr., Dept. of Justice, Washington, D. C., for defendant.

DALTON, District Judge.

The question for decision here is whether a loss on a loan made by the taxpayer F. Mitchell Johnson, personally, to a corporation qualifies for deduction as a business bad debt, deductible in full in 1962 under Section 166 of the Internal Revenue Code of 1954, as taxpayer contends, or whether it represents a nonbusiness bad debt deductible only as a capital loss, as the Government contends.

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