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
OPINION
Black, Judge:
Petitioner contends that it suffered a loss of $149,600 in 1958, notwithstanding prior deductions for the losses in 1927,1928, and 1929 due to the worthlessness of its claims against Jackson. Petitioner contends that it is immaterial whether the loss was an embezzlement loss deduction or a bad debt deduction on the notes Jackson gave to petitioner in 1933. Petitioner claims that 1958 is the proper year for the deduction because it was the first year since 1933 in which there were neither any payments received nor any negotiations regarding future payments. Furthermore,…
2Cases cited4 opinions
- The Crosley Corporation v. United StatesCourt of Appeals for the Sixth Circuit · 1956
- Estate of Scofield v. CommissionerUnited States Tax Court · 1956
- Kenosha Auto Transport Corp. v. CommissionerUnited States Tax Court · 1957
- Earle v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1934
3Cited by4 opinions
- Perlmutter v. CommissionerUnited States Tax Court · 1965
- James Petroleum Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1964
- James Petroleum Corp. v. CommissionerUnited States Tax Court · 1963
- James Petroleum Corp. v. CommissionerUnited States Tax Court · 1965