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SMITH v. COMMISSIONER

Docket No. 3342-69.

60 T.C. 316 (1973)

ODDEE SMITH AND MABLE B. SMITH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 31, 1973.

Attorney(s) appearing for the Case

Lauch M. Magruder, Jr., for the petitioners.

Roy S. Fischbeck, for the respondent.

OPINION

DRENNEN, Judge:

In an opinion filed November 3, 1970 (55 T.C. 260), this Court concluded that the losses incurred by petitioner Oddee Smith from debts of Smith Petroleum Service, Inc., becoming worthless in 1965 and 1966 were proximately related to petitioner's trade or business and were deductible as business bad debts under section 166(a) (1), I.R.C. 1954; and decision was entered in accordance therewith on...

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