United States Tax Court November 29, 1948, Docket No. 14143 (Harris v. Commissioner)

lead-opinion

OPINION.

Leech, Judge:

The primary question presented is whether the respondent erred in disallowing petitioner a loss deduction in the amount of $10,800 on his income tax return for the year 1942. Petitioner contends that, since he reported his income on a cash basis, and the payments were made in 1942, his loss was sustained in that year.