Boothe v. Commissioner
United States Tax Court
In 1959, petitioner purchased Soldier's Additional Homestead Rights granted to certain soldiers who served in the Civil War. Such rights entitled the holder to apply for and receive a fee interest in Federal lands. Petitioner sold the rights in 1960. Thereafter, petitioner's grantee attempted to exercise the rights. It was discovered that petitioner's predecessor in title had previously sold the rights to another and, therefore, they were invalid.
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In 1959, petitioner purchased Soldier's Additional Homestead Rights granted to certain soldiers who served in the Civil War. Such rights entitled the holder to apply for and receive a fee interest in Federal lands. Petitioner sold the rights in 1960. Thereafter, petitioner's grantee attempted to exercise the rights. It was discovered that petitioner's predecessor in title had previously sold the rights to another and, therefore, they were invalid. Petitioner's grantee instituted a legal action against petitioner which resulted in a judgment of damages and costs against petitioner which he…
1Opinion of the Court
OPINION
Goffe, Judge:
The Commissioner determined a deficiency in petitioners’ Federal income tax for the taxable year 1977 in the amount of $4,492.18. This matter is before us on respondent’s motion for summary judgment. The facts are undisputed, petitioners’ having admitted the facts contained in respondent’s first request for admissions. The soie issue to be decided is whether a judgment for damages and costs which petitioners paid in 1977 is deductible as a theft loss under séction 165(c) or a capital loss under section 165(f).1
Petitioners, husband and wife, filed a joint Federal income tax…
2Cases cited11 opinions
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- United States v. Hilton Hotels Corp.Supreme Court of the United States · 1970
- Boagni v. CommissionerUnited States Tax Court · 1973
- H. H. Helgerson and D. F. Helgerson v. United States of America, Frank C. Powell, Jr., and Doris Dae Powell v. United StatesCourt of Appeals for the Eighth Circuit · 1970
6 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Ferris F. Boothe and Dorothy S. Boothe v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Krahmer v. United StatesUnited States Court of Claims · 1985
- Jensen v. CommissionerUnited States Tax Court · 1993
- Boothe v. CommissionerUnited States Tax Court · 1984
- Gregory Raifman & Susan Raifman v. CommissionerUnited States Tax Court · 2018
2 more not listed; retrieve them via the Exa API.