Legal Opinion
Ellis Campbell, Jr., District Director of Internal Revenue v. E. Paul Waggoner and Helen B. Waggoner
Court of Appeals for the Fifth Circuit
Decided December 19, 1966No. 23230PublishedCited by 4 opinions
1Opinion of the Court
AINSWORTH, Circuit Judge:
The question for decision in this case is whether a wholly uncompensated theft loss of personal jewelry, a non-business capital asset, may be deducted from ordinary income under Section 165 of the Internal Revenue Code of 1954, or whether the loss must be offset against capital gains as provided in Section 1231 of the Code.
On June 23, 1960, taxpayers’ residence at Vernon, Texas, was burglarized and personal jewelry (stipulated to be non-business capital assets) in the value of $70,379.31, was stolen. The jewelry was not insured and the taxpayers recovered no amount…
2Cases cited4 opinions
- Arthur B. Maurer and Mary E. Ford Maurer v. United StatesCourt of Appeals for the Tenth Circuit · 1960
- Chewning v. CommissionerUnited States Tax Court · 1965
- Margaret C. Morrison v. United StatesCourt of Appeals for the Sixth Circuit · 1966
- E. Taylor Chewning and Caroline Chewning, Husband and Wife v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1966
3Cited by4 opinions
- Pennsylvania Power & Light Company and Subsidiary Companies v. The United StatesUnited States Court of Claims · 1969
- Weyerhaeuser Company, a Washington Corporation v. United States of America, United States of America v. Weyerhaeuser Company, a Washington CorporationCourt of Appeals for the Ninth Circuit · 1968
- McElligott v. United StatesDistrict Court, D. Alaska · 1967
- Weyerhaeuser Company, a Washington Corporation v. United States of America, United States of America v. Weyerhaeuser Company, a Washington CorporationCourt of Appeals for the Ninth Circuit · 1968