Douglas County Light & Water Co. v. Commissioner
United States Board of Tax Appeals
1. LOSS - EMBEZZLEMENT. - Where an officer of the petitioner misappropriated some of its bonds prior to 1915, which was not discovered until a year or two later, and where said officer gave his note in 1921 to make good the shortage, and went into bankruptcy in 1922 and nothing was paid on said note, the loss occurred at the time of the misappropriation and is not deductible as a bad debt in 1922. 2. GAIN. - Where petitioner canceled or redeemed its own bonds at less than…
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1. LOSS - EMBEZZLEMENT. - Where an officer of the petitioner misappropriated some of its bonds prior to 1915, which was not discovered until a year or two later, and where said officer gave his note in 1921 to make good the shortage, and went into bankruptcy in 1922 and nothing was paid on said note, the loss occurred at the time of the misappropriation and is not deductible as a bad debt in 1922. 2. GAIN. - Where petitioner canceled or redeemed its own bonds at less than amount it received, the difference between said amount and the amount it paid is not taxable income. 3. DEPRECIATION. -…
1Opinion of the Court
DOUGLAS COUNTY LIGHT & WATER CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Douglas County Light & Water Co. v. Commissioner
Docket No. 25175.
United States Board of Tax Appeals
14 B.T.A. 1052; 1929 BTA LEXIS 2995;
January 8, 1929, Promulgated
1. LOSS - EMBEZZLEMENT. - Where an officer of the petitioner misappropriated some of its bonds prior to 1915, which was not discovered until a year or two later, and where said officer gave his note in 1921 to make good the shortage, and went into bankruptcy in 1922 and nothing was paid on said note, the loss occurred at the time of the…
2Cases cited1 opinion
- Douglas County Light & Water Co. v. CommissionerUnited States Board of Tax Appeals · 1929