-34--34-
Commissioner, 30 T.C. 716, 727 (1958), revd. and remanded on
other grounds 274 F.2d 860 (5th Cir. 1960); Eastern New Jersey
Power Co. v. Commissioner, 37 B.T.A. 1037, 1040 (1938); Chicago
Ry. Equip. Co. v. Commissioner, 4 B.T.A. 452, 459 (1926). The
payments due under the 1986 agreement were not due, however,
until the spring of 1987. The Raiders’ collection efforts in
1986 consisted mainly of Birren's speaking with Bob Speck on
several occasions about the debt's being overdue. In
November 1987, Speck acknowledged that money was still owed under
the 1985 and 1986 agreements and stated his intent to pay the
remaining balance before the end of 1987. The Raiders sought
collection of the total amounts owed by Speck until at least
December 1987.
While Birren’s testimony indicated that Speck’s advertisers
had been slow in paying in 1986, Birren did not indicate that
Speck’s advertisers did not or were not going to pay. Birren
also stated that DCA had not paid pursuant to its agreement with
Speck. The subjective opinion of Birren alone that Speck’s debt
was uncollectible is insufficient to prove worthlessness. See
Fox v. Commissioner, 50 T.C. 813, 822 (1968); Newman v.
Commissioner, T.C. Memo. 1982-61.
On brief, petitioners argue that “The regulations do not
require the filing of a suit for collection as a condition to the
bad debt deduction”, but petitioners ignore the remaining portion
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