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FRANCONI v. COMMISSIONER

Docket No. 90627.

24 T.C.M. 456 (1965)

T.C. Memo. 1965-87

Ray Franconi and Lena Franconi v. Commissioner.

United States Tax Court.

Filed April 7, 1965.

Attorney(s) appearing for the Case

Forrest Andrews, for the petitioners. Vallie C. Brooks, for the respondent.

Memorandum Opinion

DRENNEN, Judge:

Respondent determined deficiencies in petitioners' income tax for the taxable years 1957 and 1958 in the amounts of $694.17 and $602.92, respectively.

The issues for decision are:

(1) Whether petitioners are entitled to an ordinary loss deduction when stock of a corporation became worthless in 1957.

(2) Whether petitioners are entitled to a business bad debt deduction when a loan advanced to the...

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