...••••• « (k) BAD DEBTS. — ( 1 ) GENERAL RULE. — Debts ascertained to be worthless and charged off within the taxable year (or, in the discretion of...debt is recoverable only in part, the Commissioner mv allow such debt, in an amount not in excess of the part charged off within the taxable year, as...

...shall be allowed as deduction* : • * » • • • • • (k) BAD DEBTS. — (1) GKNIBAL BULB. — Debts which become worthless within the taxable year;...reserve for bad debts; and when satisfied that a debt 1s recoverable only In part, the Commissioner may allow such debt. In an amount not In excess of the...