McKinley v. Commissioner
United States Tax Court
Petitioner J. H. McKinley had a theft loss of $ 12,500 in 1955. He did not discover such loss in 1955 but discovered it in 1956. Held, petitioners are not entitled to a deduction in 1955 for such theft loss under section 165(a) and (e), I.R.C. 1954.
1Opinion of the Court
OPINION.
Black, Judge:
Petitioners state their contentions in their brief as follows:
No. 1. Since W. D. Robbins bas pled [sic] guilty to theft by false pretext by virtue of the subject transaction with the petitioner, there is nothing further for this court to decide, since the issue of theft is governed by State law, and such matter has already been determined by the State courts.
No. 2. In the alternative Petitioner contends that the preponderance of the evidence before this court is to the effect that the transaction between W. D. Robbins and the Petitioner properly is characterized as a…
2Cases cited2 opinions
- Edwards v. BrombergCourt of Appeals for the Fifth Circuit · 1956
- Morris Plan Co. of St. Joseph v. CommissionerUnited States Board of Tax Appeals · 1940
3Cited by15 opinions
- Mary O'Hara Alsop v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
- Puscas v. CommissionerUnited States Tax Court · 1978
- Schafler v. CommissionerUnited States Tax Court · 1998
- Bukove v. CommissionerUnited States Tax Court · 1991
- Lapin v. CommissionerUnited States Tax Court · 1990
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