Peterson Linotyping Co. v. Commissioner
United States Board of Tax Appeals
The petitioner's treasurer embezzled its funds in the year 1914. The petitioner discovered the embezzlement in 1916, and brought suit to recover the amount embezzled. In 1921 the embezzler went into bankruptcy wholly insolvent and the petitioner did not receive anything on its claim. Held, that the amount of the embezzlement constituted a loss in 1914, and that it is not deductible as a bad debt in the year 1921.
1Opinion of the Court
*543OPINION.
MaRquette :
The petitioner contends that the amount of $41,023.79 embezzled by Budde in the year 1914 constituted a debt which became worthless in 1921 when Budde went into bankruptcy wholly insolvent, and that it is properly deductible from gross income for the year 1921 as a debt ascertained to be worthless and charged off within that year. Y>re are, however, unable to agree with the petitioner’s contention. The issue here presented has been decided by this Board in several cases adversely to the contention that the petitioner herein makes. In Parker Wire Goods Co. v. Commissioner, 8…
2Cited by10 opinions
- Estate of Scofield v. CommissionerCourt of Appeals for the Sixth Circuit · 1959
- Estate of Levi T. Scofield, Douglas F. Schofield, Trustee, Mary Jane Scofield Demmon (Nee Mary Jane Scofield), Roy C. Demmon and Mary Scofield Demmon, Josephine Scholfield Thompson, Edward W. Thompson and Josephine S. Thompson, Douglas F. Schofield Trust, Douglas F. Schofield, Trustee, Douglas F. Schofield and Mary D. Schofile, Field, Schofield Building Land Trust, Douglas F. Schofield, Trustee v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Estate of Levi T. Scofield, Douglas F. Schofield, TrusteeCourt of Appeals for the Sixth Circuit · 1959
- Gottlieb Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Alabama Mineral Land Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Piggly Wiggly Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
5 more not listed; retrieve them via the Exa API.