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FUNK v. COMMISSIONER

Docket No. 70665.

35 T.C. 42 (1960)

WILFRED J. FUNK AND ELEANOR M. FUNK, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 13, 1960.

Attorney(s) appearing for the Case

George A. Donohue, Esq., and Elden McFarland, Esq., for the petitioners.

A. Jesse Duke, Jr., Esq., for the respondent.

Respondent determined a deficiency in petitioners' income tax for 1953 in the amount of $79,129.32.

Certain adjustments have been conceded by petitioners, leaving in controversy only the respondent's disallowance of a claimed bad debt deduction in the aggregate amount of $138,447.31 for 1953. The dispositive questions are:

1. Whether a note representing certain advances to Wilfred Funk, Inc., by petitioner was "in registered form" (sec. 23(k) (3), I.R.C. 1939...

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