James Petroleum Corp. v. Commissioner
United States Tax Court
Losses. -- Held, deductions taken for the years 1927, 1928, and 1929 for theft losses were properly taken in those years and petitioner cannot take a deduction in 1958 for the same loss, either as a bad debt or as an embezzlement loss.
1Opinion of the Court
James Petroleum Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
James Petroleum Corp. v. Commissioner
Docket No. 91885
United States Tax Court
40 T.C. 166; 1963 U.S. Tax Ct. LEXIS 143;
April 26, 1963, Filed
Decision will be entered under Rule 50.
Losses. -- Held, deductions taken for the years 1927, 1928, and 1929 for theft losses were properly taken in those years and petitioner cannot take a deduction in 1958 for the same loss, either as a bad debt or as an embezzlement loss.
Watson Washburn, for the petitioner.
Michael D. Weinberg, for the respondent.
Black, Judge.
BLACK
Respon…
2Cases cited1 opinion
- James Petroleum Corp. v. CommissionerUnited States Tax Court · 1963