Legal Opinion
McKnight v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided April 29, 1942No. 10121PublishedCited by 25 opinions
1Opinion of the Court
SIBLEY, Circuit Judge.
The great question here is whether the embezzler of the money or mercantile paper of a bank, who is unable to restore it, makes a taxable gain thereby. Subsidiary questions are as to the precise time the gain, if any, is realized, and as to what deductions are allowable against it.
The petitioner is the administrator of Thomas Spruance, whose estate has assets of only $6,000, and liabilities of $95,000 besides the claim of First State Bank of Arlington, Texas, hereafter discussed. Spruance for several years before his death had been an officer of the Bank, active in its…
2Cases cited11 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Eisner, Internal Revenue Collector v. MacOmberSupreme Court of the United States · 1919
- United States v. SullivanSupreme Court of the United States · 1927
- National City Bank of New York v. HelveringCourt of Appeals for the Second Circuit · 1938
6 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Commissioner v. WilcoxSupreme Court of the United States · 1946
- Pigman v. CommissionerUnited States Tax Court · 1958
- David D. Beck, A/K/A Dave Beck v. United StatesCourt of Appeals for the Ninth Circuit · 1962
- Akers v. ScofieldCourt of Appeals for the Fifth Circuit · 1948
- Greenfeld v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1947
20 more not listed; retrieve them via the Exa API.