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LAYBOURN v. DIRECTOR OF REVENUE

No. 45,410

204 Kan. 77 (1969)

460 P.2d 591

L.A. LAYBOURN and ELSIE P. LAYBOURN, Appellees, v. DIRECTOR OF REVENUE OF THE STATE OF KANSAS, Appellant.

Supreme Court of Kansas.

Opinion filed November 8, 1969.

Attorney(s) appearing for the Case

O.F. Baldwin, of Topeka, argued the cause, and William L. Harris, Jr., of Topeka, was with him on the brief for the appellant.

Thomas J. Kennedy, of Salina, argued the cause, and Robert B. Berkley and John M. Simpson, both of Salina, were with him on the brief for the appellees.

The opinion of the court was delivered by

HATCHER, C.:

This controversy stems from bad debt deductions claimed by the taxpayers, L.A. Laybourn and his wife, but disallowed by the Kansas Director of Revenue.

Briefly summarized, the facts reveal that Laybourn incorporated a company known as the Hustler Corporation, Inc., on December 20, 1960. A stock certificate number 1 representing 100 shares of its $100.00 par value common stock was issued to him...

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