Alsop v. Commissioner
United States Tax Court
Held: (1) That petitioner is not entitled to a loss deduction for embezzled royalties since no part of these royalties was ever included by her in any Federal income tax return; and (2) that the amount of the embezzled royalties recovered by litigation constitutes taxable income to petitioner in the year of recovery.
1Opinion of the Court
Mary O'Hara Alsop, Petitioner, v. Commissioner of Internal Revenue, Respondent
Alsop v. Commissioner
Docket No. 66914
United States Tax Court
34 T.C. 606; 1960 U.S. Tax Ct. LEXIS 118;
June 28, 1960, Filed
Decision will be entered for the respondent.
Held: (1) That petitioner is not entitled to a loss deduction for embezzled royalties since no part of these royalties was ever included by her in any Federal income tax return; and (2) that the amount of the embezzled royalties recovered by litigation constitutes taxable income to petitioner in the year of recovery.
Holt S. McKinney, Esq., for the…
2Cases cited1 opinion
- Alsop v. CommissionerUnited States Tax Court · 1960