Buff v. Commissioner
United States Tax Court
1. Held, the funds embezzled by the petitioner in the taxable year 1965 did not constitute gain or income to him since in the same taxable year, there was, by agreement of the parties, a confession of judgment entered against him for the amount taken. 2. Held, the petitioner is not entitled to deductions claimed in 1965 for the payment of real property taxes and for the payment of home mortgage interest payments. 3. Held, petitioner has carried his burden of proving that he…
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1. Held, the funds embezzled by the petitioner in the taxable year 1965 did not constitute gain or income to him since in the same taxable year, there was, by agreement of the parties, a confession of judgment entered against him for the amount taken. 2. Held, the petitioner is not entitled to deductions claimed in 1965 for the payment of real property taxes and for the payment of home mortgage interest payments. 3. Held, petitioner has carried his burden of proving that he is entitled to a carryover capital loss. 4. Held: No part of any underpayment of any tax for 1965 was due to negligence…
1Opinion of the Court
Quealy, Judge:
The respondent determined a deficiency in the Federal income tax of the petitioner and an addition to the tax as follows:
Addition to tax Addition to tax Year Deficiency under sec. 6651 (a)[1] under sec. 6658(a)
1965_$10, 650. 40 $518. 34 $532. 52
At the trial, the petitioner and the respondent stipulated to the following disposition of certain issues:(1) The petitioner is not entitled to any medical expense deduction.(2) The petitioner is entitled to a deduction of $81 for general sales taxes.(8) The petitioner is entitled to a deduction of $31.20 for State and local gasoline…
2Cases cited14 opinions
- James v. United StatesSupreme Court of the United States · 1961
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Commissioner v. WilcoxSupreme Court of the United States · 1946
- Healy v. CommissionerSupreme Court of the United States · 1953
- Kasey v. CommissionerUnited States Tax Court · 1970
9 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Howard B. Quinn and Charlotte J. Quinn v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1975
- Quinn v. CommissionerUnited States Tax Court · 1974
- Fox v. CommissionerUnited States Tax Court · 1974
- Karl and Hilda Hope, in Nos. 71-1993, 71-1994 v. Commissioner of Internal Revenue, in No. 71-1995Court of Appeals for the Third Circuit · 1973
- Schultz v. CommissionerUnited States Tax Court · 1973
16 more not listed; retrieve them via the Exa API.