Elliott v. Commissioner
United States Tax Court
1. Held, amount of deductible theft loss sustained by petitioner, determined. Such loss is deductible in its entirety in 1955, the year said theft occurred and was discovered ( sec. 165(e), I.R.C. 1954); and no portion thereof is deductible in the subsequent years 1956 and 1957, when petitioner remembered certain of the articles which were stolen in 1955. 2. Held, petitioner failed to establish error in respondent's action in disallowing portions of depreciation expense and…
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1. Held, amount of deductible theft loss sustained by petitioner, determined. Such loss is deductible in its entirety in 1955, the year said theft occurred and was discovered ( sec. 165(e), I.R.C. 1954); and no portion thereof is deductible in the subsequent years 1956 and 1957, when petitioner remembered certain of the articles which were stolen in 1955. 2. Held, petitioner failed to establish error in respondent's action in disallowing portions of depreciation expense and repair expense claimed with respect to rental property. 3. Held, petitioner failed to establish that she was in a trade…
1Opinion of the Court
PxeRce, Judge:
Respondent determined deficiencies and additions to tax against the petitioner, as follows:
Addition to taco
Year Deficiency {sec, 6651 (a))
1955_ $1,218.96 $201.29
1956_ 2,778.22 277. 82
1957_ 3,688.54 None
The principal issue for decision is, -what amount, if any, is petitioner entitled to claim as a deduction for a theft loss on her return for each of the years involved ? The other issues in the case are as follows:(1) What amount is petitioner entitled to claim as a deduction for depreciation in respect of certain rental property for each of the years ?(2) What amount is…
2Cases cited3 opinions
- Bouche v. CommissionerUnited States Tax Court · 1952
- Allen v. CommissionerUnited States Tax Court · 1951
- Jones v. CommissionerUnited States Tax Court · 1955
3Cited by83 opinions
- Hesse v. CommissionerUnited States Tax Court · 1973
- Magill v. CommissionerUnited States Tax Court · 1978
- Mauldin v. CommissionerUnited States Tax Court · 1973
- Cramer v. CommissionerUnited States Tax Court · 1971
- Wild v. CommissionerUnited States Tax Court · 1964
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