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MCBRIDE v. COMMISSIONER

Docket Nos. 50138, 50139.

23 T.C. 926 (1955)

JANET McBRIDE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. H. L. McBRIDE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 28, 1955.

Attorney(s) appearing for the Case

T. Gilbert Sharpe, Esq., for the petitioners.

W. B. Riley, Esq., for the respondent.

These proceedings have been consolidated.

In reporting their community income for 1948, petitioners H. L. McBride and his wife, Janet McBride, deducted $24,064.10 as a business bad debt due from the McBride Oil Company. The Commissioner disallowed that deduction contending (a) that the advances made by H. L. McBride which gave rise to the claimed deduction were capital contributions, not loans; (b) that, if they were loans, they did not become worthless during 1948...

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