O'Brien v. Commissioner
United States Tax Court
Held, that principal petitioner, who (in violation of section 556 of the Insurance Code of California) presented false and fraudulent proofs of loss to his insurers in respect of 1949 fire losses, and against whom a judgment was entered in 1952 in favor of said insurers for the repayment of moneys paid to petitioner covering said fire losses, was not entitled to deduct the amount of said judgment, either as a business expense or as a loss of the year 1952. Luther M. Richey,…
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Held, that principal petitioner, who (in violation of section 556 of the Insurance Code of California) presented false and fraudulent proofs of loss to his insurers in respect of 1949 fire losses, and against whom a judgment was entered in 1952 in favor of said insurers for the repayment of moneys paid to petitioner covering said fire losses, was not entitled to deduct the amount of said judgment, either as a business expense or as a loss of the year 1952. Luther M. Richey, Jr., 33 T. C. 272, and Nicholas D. Wusich, 35 T. C. 279, followed. Net operating loss carryover deductions for the…
1Opinion of the Court
Pierce, Judge:
The respondent determined deficiencies in petitioners’ income taxes, as follows:
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The cases were consolidated for trial.
The ultimate issue presented for decision in the instant case is whether petitioners are entitled to net operating loss carryover deductions which they claimed on their Federal income tax returns for the above-mentioned years and which were disallowed by the respondent. Decision of the foregoing issue will turn upon a subsidiary issue relating to the propriety of a deduction claimed by petitioners in their 1952 return for the amount of a court…
2Cases cited5 opinions
- Mary O'Hara Alsop v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
- Helvering v. HamptonCourt of Appeals for the Ninth Circuit · 1935
- Richey v. CommissionerUnited States Tax Court · 1959
- Alsop v. CommissionerUnited States Tax Court · 1960
- Wusich v. CommissionerUnited States Tax Court · 1960
3Cited by5 opinions
- Bixby v. CommissionerUnited States Tax Court · 1972
- B. C. Cook & Sons, Inc. v. CommissionerUnited States Tax Court · 1972
- B. C. Cook & Sons, Inc. v. CommissionerUnited States Tax Court · 1972
- Bixby v. CommissionerUnited States Tax Court · 1972
- O'Brien v. CommissionerUnited States Tax Court · 1961