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FIRST NAT. BANK v. UNITED STATES

No. 44927.

36 F.Supp. 229 (1941)

FIRST NAT. BANK v. UNITED STATES.

Court of Claims.

January 6, 1941.

Attorney(s) appearing for the Case

Wilton H. Wallace, of Washington, D.C. (E. F. Colladay and Colladay, McGarraghy, Colladay & Wallace, all of Washington, D. C., on the brief), for plaintiff.

S. E. Blackham, of Washington, D.C., and Samuel O. Clark, Jr., Asst. Atty. Gen. (Robert N. Anderson and Fred K. Dyar, both of Washington, D.C., on the brief), for defendant.

Before WHALEY, Chief Justice, and LITTLETON, GREEN, and WHITAKER, Judges.

WHALEY, Chief Justice.

The question presented in this case is whether plaintiff is entitled to a deduction from gross income in 1934 for certain bad debts under the provisions of section 23(k) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 673, which provides for the allowance of a deduction for "Debts ascertained to be worthless and charged off within the taxable year * * *."

The statute provides two conditions precedent for the allowance of a...

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