Income Tax Keyed to Lind
Welch v. Helvering
Facts
Petitioner was the secretary of the E.L. Welch Company which was involved in the grain business. The went bankrupt and was discharged from its debts. Petitioner entered into a contract with the Kellogg Company to purchase grain for it on commission. Petitioner decided to pay the debts of the Welch Company in order to repair his credit and standing from the bankruptcy of the Welch Company. The Commissioner ruled that these payments of the debts were not deductible from income as ordinary and necessary business expenses. The Board of Tax Appeals sustained and the Court of Appeals affirmed.
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