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HARVEY v. COMMISSIONER

Docket No. 76632.

35 T.C. 108 (1960)

ALBERT J. HARVEY, JR., AND MARGARET HARVEY, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 25, 1960.

Attorney(s) appearing for the Case

William J. Mantyh, Esq., for the petitioner.

William J. Wise, Esq., for the respondent.

OPINION.

SCOTT, Judge:

Respondent determined a deficiency in petitioner's income tax for the fiscal year ended July 31, 1955, in the amount of $1,057.87.

The only issue is whether a $14,300 payment made by Albert J. Harvey, Jr., pursuant to an agreement to hold the guarantor of a corporate note harmless, is deductible as an ordinary or capital loss.1 Petitioner contends that the $14,300 payment is either a business...

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