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UNITED STATES v. GENERES

No. 70-28.

405 U.S. 93 (1972)

92 S.Ct. 827

31 L.Ed.2d 62

UNITED STATES v. GENERES ET VIR.

Supreme Court of United States.

Decided February 23, 1972.

Attorney(s) appearing for the Case

Matthew J. Zinn argued the cause for the United States. With him on the brief were Solicitor General Griswold, Assistant Attorney General Walters, and Ernest J. Brown.

Max Nathan, Jr., argued the cause and filed a brief for respondents.

MR. JUSTICE BLACKMUN delivered the opinion of the Court.

A debt a closely held corporation owed to an indemnifying shareholder-employee became worthless in 1962. The issue in this federal income tax refund suit is whether, for the shareholder-employee, that worthless obligation was a business or a nonbusiness bad debt within the meaning and reach of § 166 (a) and (d) of the Internal Revenue Code of 1954, as amended, 26

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