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McCLAIN v. COMMISSIONER

No. 55.

311 U.S. 527 (1941)

61 S.Ct. 373

85 L.Ed. 319

McCLAIN v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided January 6, 1941.

Attorney(s) appearing for the Case

Mr. Edward D. Smith, Jr., with whom Mr. M.E. Kilpatrick was on the brief, for petitioner in No. 55.

Miss Helen R. Carloss, with whom Solicitor General Biddle, Assistant Attorney General Clark, and Messrs. Sewall Key and J. Louis Monarch were on the brief, for the Commissioner of Internal Revenue.

Mr. T.F. Davies Haines for respondent in No. 58.

MR. JUSTICE ROBERTS delivered the opinion of the Court.

These cases present the question whether upon the surrender of bonds or debentures in exchange for a money payment less than cost, a taxpayer may deduct the loss from his gross income as a bad debt under § 23 (k)1 or must treat it as a capital loss under § 117 (f)2 of the Revenue Act of 1934.

In number 55 it appears that the taxpayer...

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