Skolnik v. Commissioner
United States Tax Court
In January 1960, petitioner paid $ 7,700 to Maurice H. Kamm for 770 shares of common stock of Kabak Corp. These shares were thereafter issued to Kamm. They were never issued to petitioner. Kamm died in February 1963. In order to avoid the time-consuming efforts and expense of pursuing his claim, petitioner decided to deduct the cost of the stock on his tax return for 1963. Respondent disallowed this deduction.
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In January 1960, petitioner paid $ 7,700 to Maurice H. Kamm for 770 shares of common stock of Kabak Corp. These shares were thereafter issued to Kamm. They were never issued to petitioner. Kamm died in February 1963. In order to avoid the time-consuming efforts and expense of pursuing his claim, petitioner decided to deduct the cost of the stock on his tax return for 1963. Respondent disallowed this deduction. Held, petitioner failed to prove theft loss in 1963 since he did not prove $ 7,700 was obtained from him by false pretenses. Held, further: Petitioner failed to prove he sustained any…
1Opinion of the Court
Irwin, Judge:
The Commissioner determined a deficiency in petitioners’ income tax for the calendar year 1963 in the amount of $5,389.04:. Since petitioners conceded certain other issues, the only issue for our determination is whether petitioners are entitled to a deduction of $7,700 under section 165 of the Internal Revenue Code of 19541 as a loss arising from theft.
FINDINGS OE PACT
Some of the facts have been stipulated by the parties. The stipula tions and exhibits attached thereto are incorporated herein by this reference.
Emanuel M. Skolnik (hereinafter referred to as petitioner) and his…
2Cases cited15 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Boehm v. CommissionerSupreme Court of the United States · 1945
- Monteleone v. CommissionerUnited States Tax Court · 1960
- Vietzke v. CommissionerUnited States Tax Court · 1961
- Jones v. CommissionerUnited States Tax Court · 1955
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