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KNIGHT v. COMMISSIONER

Docket No. 5285-71.

34 T.C.M. 389 (1975)

T.C. Memo. 1975-77

W. Lee Knight and Evelyn Knight v. Commissioner.

United States Tax Court.

Filed March 25, 1975.

Attorney(s) appearing for the Case

Henry Gelles, Box 590, Lake Placid, New York, for the petitioners. Curtis W. Berner, for the respondent.

Memorandum Opinion

RAUM, Judge:

The Commissioner determined a deficiency of $8,906.81 in petitioners' income tax for the calendar year 1968. At issue is whether a debt which became worthless in 1968 was a nonbusiness debt, and consequently, whether petitioners were entitled to claim only a short term loss in that year subject to the statutory limitations in respect of such losses. All of the facts have been stipulated...

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