Smith v. Commissioner
United States Tax Court
In 1941 petitioner was the owner of a thoroughbred English setter bird dog which had been well trained. The dog had won three important places in southern field trials and became the subject of much publicity. In 1941 the dog, while out for exercise with his trainer, disappeared and petitioner, although he widely advertised for him as "lost," has never been able to recover him or learn of his whereabouts.
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In 1941 petitioner was the owner of a thoroughbred English setter bird dog which had been well trained. The dog had won three important places in southern field trials and became the subject of much publicity. In 1941 the dog, while out for exercise with his trainer, disappeared and petitioner, although he widely advertised for him as "lost," has never been able to recover him or learn of his whereabouts. Held, petitioner is not entitled to deduct from his gross income under section 23 (e), I. R. C., the cost of the dog, either as a loss incurred in a trade or business, or in a transaction…
1Opinion of the Court
OPINION.
Black, Judge:
Petitioner has not filed any brief, but we have considered his case as carefully as if he had.
There is no question but that petitioner has lost a very valuable dog, and we think he has established with reasonable certainty that the dog had cost him, including the cost of training, as much as $1,000. But not every loss is a deductible loss in computing one’s taxable net income. If the loss is to be deducted, authority for it must be found in the statute. Section 23 (e) of the Internal Revenue Code1 is the section of the statute which provides for deduction of losses in…
2Cited by15 opinions
- Marx v. CommissionerUnited States Tax Court · 1949
- Bakewell v. CommissionerUnited States Tax Court · 1955
- Jungert v. CommissionerUnited States Tax Court · 1968
- Procter v. CommissionerUnited States Tax Court · 1952
- State v. First National Bank of MonroeWisconsin Supreme Court · 1978
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