[DOWNLOAD] "Stratmore v. United States" by United States Court of Appeals for the Third Circuit " eBook PDF Kindle ePub Free
eBook details
- Title: Stratmore v. United States
- Author : United States Court of Appeals for the Third Circuit
- Release Date : January 06, 1970
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
Opinion OF THE COURT SEITZ, Circuit Judge. Plaintiffs, taxpayers, brought an action in the district court for a refund of income taxes for the year 1959, contending that $17,088.00 they paid as guarantors of the promissory notes of corporations of which they were officers and stockholders was fully deductible either as a loss incurred in a transaction entered into for profit though not connected with a trade or business under section 165(c) (2) of the Internal Revenue Code of 1954, or, alternatively, a bad debt incurred in a trade or business, under section 166(a) and (d). The district court ruled against the taxpayers on the former contention but in favor of them on the latter. Stratmore v. United States, 292 F. Supp. 59 (D.N.J.1968). The Government appeals.
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