B. C. Cook & Sons, Inc. v. Commissioner
United States Tax Court
During its taxable year ended Sept. 30, 1965, petitioner corporation discovered that an employee-bookkeeper, through a series of fictitious fruit purchases had embezzled $ 872,212.50 from it over an 8-year period. The amounts embezzled were shown on petitioner's books as additional fruit purchases and included in cost of goods sold.
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During its taxable year ended Sept. 30, 1965, petitioner corporation discovered that an employee-bookkeeper, through a series of fictitious fruit purchases had embezzled $ 872,212.50 from it over an 8-year period. The amounts embezzled were shown on petitioner's books as additional fruit purchases and included in cost of goods sold. Thus petitioner's gross income for each of the taxable years ended Sept. 30, 1958, through Sept. 30, 1965, was reduced and its taxable income decreased by amounts corresponding to the amounts embezzled in each taxable year. In 1965 petitioner recovered $…
1Opinion of the Court
B. C. Cook & Sons, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
B. C. Cook & Sons, Inc. v. Commissioner
Docket No. 692-71
United States Tax Court
59 T.C. 516; 1972 U.S. Tax Ct. LEXIS 3; 59 T.C. No. 49;
December 29, 1972, Filed
Decision will be entered under Rule 50.
During its taxable year ended Sept. 30, 1965, petitioner corporation discovered that an employee-bookkeeper, through a series of fictitious fruit purchases had embezzled $ 872,212.50 from it over an 8-year period. The amounts embezzled were shown on petitioner's books as additional fruit purchases and included in cost…
Also in this document: Concurrence; Dissent · Simpson; Dissent · Quealy.
2Cases cited35 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Brown v. HelveringSupreme Court of the United States · 1934
- Burnet v. HoustonSupreme Court of the United States · 1931
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Charles Ilfeld Co. v. HernandezSupreme Court of the United States · 1934
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