¶1dissenting: The liability of the Atlantic & Birmingham Construction Co. to the petitioner arose from money advanced and constituted an indebtedness to it. We have heretofore pointed out in our decisions that the provision of the statute permitting the deduction of debts ascertained to be worthless is a specific provision removing losses from such a source from the provisions of statute providing generally for the deduction of losses. I am of the opinion that the deduction to which the petitioner is entitled is upon account of a worthless debt and that he is therefore not limited to the March- 1, 1913, value but may deduct the entire amount of the indebtedness. So far as the decision holds that the petitioner is an investor, rather than a creditor, and is limited to a deduction of the March 1, 1913, value of the bonds of the construction company, I can not agree that the result reached is correct.
7 B.T.A. 324
Ayer v. Commissioner
United States Board of Tax Appeals
Decided June 14, 1927
United States Board of Tax Appeals · decided 1927-06-14
Good law ✅— No negative treatment on recordhow we know
Decided 1927-06-14
How this case has been cited
Cited by 10 later decisions — most recently August 1957
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
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