ECKERT V. BURNET, 283 U. S. 140 (1931)
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U.S. Supreme Court
Eckert v. Burnet, 283 U.S. 140 (1931)
Eckert v. Burnet
No. 351
Argued March 19, 1931
Decided April 13, 1931
283 U.S. 140
Syllabus
One who, being liable as endorser of the note of an insolvent maker, takes up the note by substituting one of his own and marks the old note paid is not thereby entitled, under Revenue Act of 1924, § 214(a)(7), in returning his income on a cash basis for the tax year in which the transaction occurred, to deduct the amount of the old note as a debt "ascertained to be worthless and charged off within the taxable year." P. 283 U. S. 141.
42 F.2d 158 affirmed.
Certiorari, 282 U.S. 826, to review a judgment which affirmed a decision of the Board of Tax Appeals, 17 B.T.A. 263, sustaining the disallowance of a deduction from income.