Vietzke v. Commissioner
United States Tax Court
In 1956 petitioner, a physician, paid $ 25,000 for stock subscription to a life insurance corporation which was being formed by Paterson, Zak, and others. During the formative period Paterson and Zak withdrew large amounts of subscribed funds. In 1956 the Indiana insurance commissioner issued an order halting the further sale of the corporation's securities. Petitioner deducted $ 25,000 on his 1956 income tax return as a theft loss.
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In 1956 petitioner, a physician, paid $ 25,000 for stock subscription to a life insurance corporation which was being formed by Paterson, Zak, and others. During the formative period Paterson and Zak withdrew large amounts of subscribed funds. In 1956 the Indiana insurance commissioner issued an order halting the further sale of the corporation's securities. Petitioner deducted $ 25,000 on his 1956 income tax return as a theft loss. In 1957 the corporation was put into receivership, and in 1961 petitioner was notified that about $ 2,000 was available to him as a result of the receivership.…
1Opinion of the Court
Paul C. F. and Alice Vietzke, Petitioners, v. Commissioner of Internal Revenue, Respondent
Vietzke v. Commissioner
Docket No. 87819
United States Tax Court
37 T.C. 504; 1961 U.S. Tax Ct. LEXIS 9;
December 21, 1961, Filed
Decision will be entered under Rule 50.
In 1956 petitioner, a physician, paid $ 25,000 for stock subscription to a life insurance corporation which was being formed by Paterson, Zak, and others. During the formative period Paterson and Zak withdrew large amounts of subscribed funds. In 1956 the Indiana insurance commissioner issued an order halting the further sale of the…
2Cases cited7 opinions
- Edwards v. BrombergCourt of Appeals for the Fifth Circuit · 1956
- Monteleone v. CommissionerUnited States Tax Court · 1960
- Alison v. United StatesSupreme Court of the United States · 1952
- Vietzke v. CommissionerUnited States Tax Court · 1961
- McKinley v. CommissionerUnited States Tax Court · 1960
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