Aston v. Comm'r
United States Tax Court
On July 5, 1991, banking regulators seized the assets of the Bank of Commerce and Credit International, S.A. (BCCI, S.A.), including funds that petitioner (a United Kingdom citizen and U.S. resident) deposited at BCCI, S.A.'s Isle of Man branch (IOMB). Petitioner's account was insured for loss up to 15,000 pounds sterling by the Isle of Man Depositor's Compensation Scheme. Petitioner filed a claim against BCCI, S.A. for her funds.
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On July 5, 1991, banking regulators seized the assets of the Bank of Commerce and Credit International, S.A. (BCCI, S.A.), including funds that petitioner (a United Kingdom citizen and U.S. resident) deposited at BCCI, S.A.'s Isle of Man branch (IOMB). Petitioner's account was insured for loss up to 15,000 pounds sterling by the Isle of Man Depositor's Compensation Scheme. Petitioner filed a claim against BCCI, S.A. for her funds. At all relevant times BCCI, S.A. maintained an agency office in Los Angeles. Petitioner deducted $ 185,493.79 as a loss from an insolvent financial institution…
1Opinion of the Court
Jacobs, Judge:
Respondent determined the following deficiencies in petitioner’s Federal income taxes:
Year Deficiency
1988 ..'. $37,775
1989 . 2,690
1991 . 10,258
The issues for decision are: (1) Whether petitioner incurred a loss on a deposit in a “qualified financial institution” within the meaning of section 165(1)(3) and, if petitioner’s loss does not come within the purview of section 165(1), then (2) whether petitioner incurred a deductible nonbusiness bad debt pursuant to section 166.
Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for the years…
2Cases cited10 opinions
- Herbert W. Dustin and Kathleen C. Dustin v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1972
- Dustin v. CommissionerUnited States Tax Court · 1969
- Dallmeyer v. CommissionerUnited States Tax Court · 1950
- Crown v. CommissionerUnited States Tax Court · 1981
- Fox v. CommissionerUnited States Tax Court · 1968
5 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
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- Cooper v. CommissionerCourt of Appeals for the Ninth Circuit · 2017
- Cooper v. Comm'rUnited States Tax Court · 2014
- Cooper v. Comm'rUnited States Tax Court · 2015
- Aston v. Comm'rUnited States Tax Court · 1997
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