JONES, Chief Judge.
The issue here is whether, cancellations of indebtedness constituted gifts to the debtor, as plaintiff claims, or taxable income, as defendant contends.
Plaintiff, a calendar year and accrual basis corporation, operates a chain of retail drug stores in and around Cleveland. In 1940, although its assets exceeded its current liabilities, plaintiff was operating at a loss and had been for all but one of the five preceding years, the result...
Let's get started
![Leagle.com](https://www.leagle.com/images/logo.png)
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.