Allied Furriers Corp. v. Commissioner
United States Board of Tax Appeals
On or about February 8, 1925, the petitioner's warehouse was burglarized and goods in the amount of $23,984.72 were stolen. The petitioner was indemnified against loss by burglary by an insurance policy.
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On or about February 8, 1925, the petitioner's warehouse was burglarized and goods in the amount of $23,984.72 were stolen. The petitioner was indemnified against loss by burglary by an insurance policy. The insurance company refused to pay the loss and suit was brought against it, which was decided adversely to the petitioner in 1928. The petitioner claims the deduction of the loss in its income-tax return for 1928. Held, that the loss was not sustained until 1928 and is a legal deduction from the gross income of that year.
1Opinion of the Court
OPINION.
Smith:
This proceeding, involving an alleged deficiency for the calendar year 1928 in the amount of $3,238.17, is before the Board upon the respondent’s motion for judgment on the pleading’s on the ground that the amended petition fails to state a cause of action and, specifically, “ upon its face discloses that the loss, if any, from burglary was suffered on February 8, 1925, and not during the calendar year 1928.”
*458The allegations of fact stated in the amended petition are as follows:
1. Tlie petitioner is a corporation of the State of New York with principal office at 348 Seventh…
2Cases cited3 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Lewellyn v. Electric Reduction Co.Supreme Court of the United States · 1927
3Cited by25 opinions
- Hudock v. CommissionerUnited States Tax Court · 1975
- Gale v. CommissionerUnited States Tax Court · 1963
- Commissioner of Internal Revenue v. HarwickCourt of Appeals for the Fifth Circuit · 1950
- Estate of Scofield v. CommissionerCourt of Appeals for the Sixth Circuit · 1959
- Dayton Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1937
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