Charles D. Prutzman, Petitioner, v. Commissioner of Internal Revenue, Respondent, 218 F.2d 603 (2d Cir. 1955)

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US Court of Appeals for the Second Circuit - 218 F.2d 603 (2d Cir. 1955) Argued January 13, 1955
Decided January 26, 1955

Petition for review of a decision of the Tax Court of the United States; Ernest H. Van Fossan, Judge.

Petitioner, Charles D. Prutzman, asks review of a decision finding a deficiency in his income tax for 1941 because certain funds advanced for the use of quarrying enterprises were capital contributions, rather than loans, and hence did not give rise to a bad debt deduction when the investment proved worthless.

Richard P. Jackson, New York City (William B. Van Buren III, New York City, on the brief), for petitioner.

Elmer J. Kelsey, Sp. Asst. to Atty. Gen., Daniel A. Taylor, Chief Counsel, Bureau of Internal Revenue, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., and Ellis N. Slack and Lee A. Jackson, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before CLARK, Chief Judge, and FRANK and HINCKS, Circuit Judges.


Decision here must turn upon the determination of issues of fact, and we are content to affirm on the basis of Judge Van Fossan's findings and conclusions which we accept. Petitioner complains that the judge has failed to give due effect to all the evidence presented, but we think it apparent that he was in fact considering the total picture, even though he may not have chosen to itemize each bit of relevant data.