Bellis v. Commissioner
United States Tax Court
Petitioners, residents of California, invested $ 52,000 in stock of a Las Vegas casino. The stock was not registered for sale by the Securities and Exchange Commission or by the California Corporation Commission. Petitioners deducted the loss on their investment as a theft loss on their 1968 income tax return. Respondent determined it to be a capital loss. Held, petitioners did not sustain a theft loss in 1968.
1Opinion of the Court
IrwiN, Judge:
Respondent determined a deficiency of $36,052 in the income tax of petitioners for 1968. The deficiency stems solely from respondent’s disallowance of a theft loss claimed by petitioners.
FINDINGS OF FACT
Some of the facts have been stipulated and they are so found.
Petitioners are Carroll J. Bellis and Mildred Bellis, husband and wife, who at all relevant times have resided in Rolling Hills, Calif. Hereafter petitioner shall refer solely to Carroll J. Bellis.
Petitioner is a surgeon who has practiced his profession in Long Beach, Calif., since 1945. At the time of trial he was 63…
2Cases cited7 opinions
- Edwards v. BrombergCourt of Appeals for the Fifth Circuit · 1956
- Monteleone v. CommissionerUnited States Tax Court · 1960
- Mary Pickford Co. v. Bayly Bros., Inc.California Supreme Court · 1939
- Nichols v. CommissionerUnited States Tax Court · 1965
- Norton v. CommissionerUnited States Tax Court · 1963
2 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Luman v. CommissionerUnited States Tax Court · 1982
- De Fusco v. CommissionerUnited States Tax Court · 1979
- Charles P. Littlejohn & Maxine M. Littlejohn v. CommissionerUnited States Tax Court · 2020
- Herrington v. Comm'rUnited States Tax Court · 2011
- Schafler v. CommissionerUnited States Tax Court · 1998
23 more not listed; retrieve them via the Exa API.