Drake - Do Not Disturb

The Board of Tax Appeals has stated in its opinion that the Drake Company was not commercially insolvent in December, 1926; and that it was not then contemplating liquidation. Petitioner attacks the former of these findings, but, under the established rule, we do not disturb it if there is any substantial *154 evidence to support it, Phillips v. Commissioner, 283 U.S. 589, 51 S. Ct. 608, 75 L. Ed. 1289; Burnet v. Burns, 63 F.(2d) 313 (C. C. A. 8); Conklin-Zonne-Loomis Co. v. Commissioner, 29 F.(2d) 698 (C. C. A. 8); Mastin v. Commissioner, 28 F.(2d) 748 (C. C. A. 8); and we think there is.

Drake - Do Not Disturb

Notwithstanding the foregoing cases and others cited by petitioner in support of its contentions, we have, after careful consideration, reached the conclusion that the holding of the Board of Tax Appeals to the effect that the petitioner had not, as of December 31, 1926, suffered a complete loss of the face amount of the notes surrendered by it and canceled; and that the notes so surrendered were not worthless, are not without any substantial support in the evidence, and, therefore, should not be disturbed by this court. 041b061a72