Legal Opinion
Ledger Co. v. United States
United States Court of Claims
Decided February 10, 1930No. H-402PublishedCited by 5 opinions
1Opinion of the Court
LITTLETON, Judge.
The issue is whether plaintiff was entitled in computing its net income for 1922 to take a deduction of $15,000 as a loss sustained within the taxable year. It claims that the amount obtained by its president, Edgell, on March 17, 1922, from its account in the Security State Bank, was a loss sustained on that date; that Edgell had embezzled or misappropriated its funds, and the execution by him of his promissory note for the amount, with interest, in December, 1922, did not change the situation. It is insisted that when Edgell had the bank debit plaintiff’s account with…
2Cases cited1 opinion
- John H. Farish & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1929
3Cited by5 opinions
- Dayton Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1937
- Douglas County Light & Water Co. v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1930
- Austin v. HelveringCourt of Appeals for the D.C. Circuit · 1935
- Commissioner of Internal Revenue v. Highway Trailer Co.Court of Appeals for the Seventh Circuit · 1934
- Home Agency Co. v. CommissionerUnited States Tax Court · 1966