Gerstell v. Commissioner
United States Tax Court
Held, that petitioner is entitled to a theft loss deduction under section 165(c)(3) of the Internal Revenue Code of 1954 resulting from his sale of certain annuity contracts in reliance upon a misrepresentation made on behalf of the purchaser as to the value thereof.
1Opinion of the Court
Atkins, Judge:
The respondent determined a deficiency in income tax for the taxable year 1961 in the amount of $89,727.64. The issue is whether the petitioners are entitled to deduct, as a loss arising from theft, an amount of $103,836.98, being the difference between the amount received by them upon the sale of certain annuity contracts ($500) and the amount received by the purchaser upon surrender thereof shortly thereafter ($104,336.98).
FINDINGS OF FACT
Some of the facts have been stipulated and the stipulations are incorporated herein by this reference.
The petitioners are husband and wife…
2Cases cited9 opinions
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Commonwealth v. EVANSSuperior Court of Pennsylvania · 1959
- Monteleone v. CommissionerUnited States Tax Court · 1960
- Turtzo v. BoyerSupreme Court of Pennsylvania · 1952
- Nichols v. CommissionerUnited States Tax Court · 1965
4 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Luman v. CommissionerUnited States Tax Court · 1982
- Hope v. CommissionerUnited States Tax Court · 1971
- Cramer v. CommissionerUnited States Tax Court · 1971
- Krahmer v. United StatesUnited States Court of Claims · 1985
- HARTLEY v. COMMISSIONERUnited States Tax Court · 1977
16 more not listed; retrieve them via the Exa API.