[Download] "Smith v. Commissioner of Internal Revenue" by United States Court Of Appeals For The Sixth Circuit ~ eBook PDF Kindle ePub Free
eBook details
- Title: Smith v. Commissioner of Internal Revenue
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 07, 1966
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
The respondent having declared a deficiency to be due on the petitioners Federal Income Tax Return for the year 1957, this action was filed to prevent its collection. In that return, a deduction for alleged bad debts claimed to have become worthless during the taxable year was claimed under the provisions of 26 U.S.C. § 166. Subparagraph (a)(1) provides for the deduction of any debt becoming worthless within the taxable year, but subparagraph (d)(1)(A) makes the former section inapplicable to non-business debts in the case of a taxpayer other than a corporation; the following provision ((B)) provides that loss resulting from a non-business debt of a non-corporate taxpayer becoming worthless within a taxable year is to be considered a short term capital loss. A non-business debt is then defined (§ 166(d)(2)(A)) as one not created in connection with taxpayers trade or business and ((B)) not one in which the worthlessness was incurred in his trade or business.