Legal Opinion
Asphalt Industries, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Third Circuit
Decided May 14, 1969No. 17470PublishedCited by 20 opinions
1Opinion of the Court
OPINION OF THE COURT
KALODNER, Circuit Judge.
The critical question presented is whether the Tax Court correctly held that theft losses sustained by the petitioner Asphalt Industries, Inc. by reason of diversion of its funds were deductible as a “loss from theft” under Section 165 (a), (e) of the Internal Revenue Code of 1954 1 only during the taxable year in which they were discovered.
Section 165 “Losses” provides:
“(a) General rule. — There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
“(e) Theft losses. — -For…
2Cases cited5 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Asphalt Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1967
- Alison v. United StatesSupreme Court of the United States · 1952
- Asphalt Industries, Inc. v. CommissionerUnited States Tax Court · 1966
3Cited by20 opinions
- Ramsay Scarlett & Co. v. CommissionerUnited States Tax Court · 1974
- Rainbow Inn, Inc., Edmund Jezemski, Sec.-Treas., Clayton, New Jersey v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1970
- Marine v. CommissionerUnited States Tax Court · 1989
- Ruidoso Racing Asso. v. CommissionerUnited States Tax Court · 1971
- Wissing v. CommissionerUnited States Tax Court · 1970
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