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FOUNDATION PLAN, INCORPORATED v. COMMISSIONER

No. 12504.

6 T.C.M. 1345 (1947)

Foundation Plan, Incorporated v. Commissioner.

United States Tax Court.

Entered December 31, 1947.

Attorney(s) appearing for the Case

Walter T. Margetts, Jr., Esq., 40 Wall St., New York, N. Y., for the petitioner. J. Richard Riggles, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined an income tax deficiency for 1942 in the amount of $4,483.07. The question is whether a debt owing to the petitioner became worthless in the taxable year.

Findings of Fact

The petitioner is a registered securities dealer engaged in the investment business. Its principal office is in New York City, and its tax return for the year 1942 was filed with the collector for the third district...

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