Whitney v. Commissioner
United States Tax Court
The petitioner was sole trustee of a trust formed to liquidate a company in which he was the major stockholder. An employee of the trust, a truck driver, struck and fatally injured a third party. The personal representative of the deceased instigated a suit against the company and a suit against the driver. The suit against the company was settled by a payment from the insurer of the truck to the estate of the deceased.
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The petitioner was sole trustee of a trust formed to liquidate a company in which he was the major stockholder. An employee of the trust, a truck driver, struck and fatally injured a third party. The personal representative of the deceased instigated a suit against the company and a suit against the driver. The suit against the company was settled by a payment from the insurer of the truck to the estate of the deceased. The petitioner then settled the suit against the driver by paying to the estate an amount of $ 2,750. Held, that petitioner has failed to show that the payment of $ 2,750,…
1Opinion of the Court
OPINION.
Arundell, Judge:
Petitioner in his income tax returns claimed the amount of $2,950 as a “casualty loss,” but on brief he appears to have abandoned that position, as well he may, as the losses allowable under section 23 (e) (3) are specifically limited to losses of property arising from casualty, and damages paid for injuries and wrongful death are plainly without the provisions of the statute. B. M. Peyton, 10 B. T. A. 1129; Samuel E. Mulholland, 16 B. T. A. 1331; W. S. Dickason, 20 B. T. A. 496.
As the matter is now presented, petitioner urges that he is entitled to the loss as one…
2Cases cited5 opinions
- Burnet v. HoustonSupreme Court of the United States · 1931
- Boehm v. CommissionerSupreme Court of the United States · 1945
- Larson v. SylvesterMassachusetts Supreme Judicial Court · 1933
- Mason v. PomeroyMassachusetts Supreme Judicial Court · 1890
- Tebaldi Supply Co. v. MacmillanMassachusetts Supreme Judicial Court · 1935
3Cited by17 opinions
- George M. Still, Inc. v. CommissionerUnited States Tax Court · 1953
- Callan v. WestoverDistrict Court, S.D. California · 1953
- Juniper Investment Company, a Delaware Corporation v. The United StatesUnited States Court of Claims · 1964
- United States v. Peelle CompanyDistrict Court, E.D. New York · 1956
- Bartos v. CommissionerUnited States Tax Court · 1957
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