Helvering v. Price - 309 U.S. 409 (1940)

U.S. Supreme Court

Helvering v. Price, 309 U.S. 409 (1940)

Helvering v. Price

No. 559

Argued March 5, 6, 1940

Decided March 25, 1940

309 U.S. 409

Syllabus

A taxpayer, keeping accounts upon a cash basis, is not entitled to deduct, as a loss sustained during the taxable year, Revenue Act, 1932, § 23(e), a payment made in discharge of his liability to a bank on a guaranty, but made by substituting his new note to the bank for his earlier one, of the same amount. P. 309 U. S. 412.

106 F.2d 336 reversed.

Certiorari, 308 U.S. 548, to review the reversal of a decision of the Board of Tax Appeals sustaining a deficiency assessment.

Page 309 U. S. 410