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HANNA IRON ORE COMPANY OF DELAWARE v. COMMISSIONER

Docket No. 110009.

2 T.C.M. 1159 (1943)

Hanna Iron Ore Company of Delaware v. Commissioner.

United States Tax Court.

Entered December 28, 1943.

Attorney(s) appearing for the Case

John E. Laughlin, Jr., Esq., 2812 Grant Bldg., Pittsburgh, Pa., for the petitioner. Paul E. Waring, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined a deficiency of $23,855.55 in the petitioner's income tax for the year 1935.

The issues are:

1. The deductibility of $270,059.56, representing a bad debt due from the Stambaugh Iron Company.

2. The deductibility of $185,313.75, representing a loss due to the worthlessness of the petitioner's stock in the same company.

Findings...

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