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GUSTIN v. C. I. R.

No. 18952.

412 F.2d 803 (1969)

Max D. GUSTIN and Mary J. Gustin, Leon B. Mead and Mildred C. Mead, Plaintiffs-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Defendant-Appellee.

United States Court of Appeals Sixth Circuit.

July 2, 1969.

Attorney(s) appearing for the Case

John Kennedy Lynch, Cleveland, Ohio, for petitioners.

Chester C. Davenport, Dept. of Justice, Washington, D. C., for respondent, Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Robert N. Anderson, Marian Halley, Attys., Dept. of Justice, Washington, D. C., on brief.

Before PHILLIPS, EDWARDS and COMBS, Circuit Judges.

PER CURIAM.

This is an appeal from a decision of the Tax Court disallowing petitioners' claims to deductions for business bad debts and holding that the debts in question were either nonbusiness bad debts or (in the case of corporate loans) a capital loss, and hence only partially deductible. Two transactions are involved.

Petitioner Gustin, a lawyer, loaned $2,875 to a Mr. and Mrs. Clarke and ultimately wrote off $2,300 of the loan as a business bad debt...

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