Mannette v. Commissioner
United States Tax Court
T concededly failed to report as income funds which he embezzled from his employer in 1969, 1970, and 1971. During those years, T purchased and sold for his own account various securities (including commodities). The majority of his purchases were made out of his embezzled funds. In 1972, T made partial restitution of the embezzled funds.
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T concededly failed to report as income funds which he embezzled from his employer in 1969, 1970, and 1971. During those years, T purchased and sold for his own account various securities (including commodities). The majority of his purchases were made out of his embezzled funds. In 1972, T made partial restitution of the embezzled funds. Held: T's 1972 loss incurred as a result of the restitution does not qualify as a net operating loss eligible to be carried back and deducted in 1969, 1970, and 1971 under sec. 172, I.R.C. 1954. The 1972 loss was not a loss incurred in a trade or business,…
1Opinion of the Court
Russell L. Mannette, Jr., Petitioner v. Commissioner of Internal Revenue, Respondent
Mannette v. Commissioner
Docket No. 5958-76
United States Tax Court
69 T.C. 990; 1978 U.S. Tax Ct. LEXIS 151;
March 22, 1978, Filed
Decision will be entered under Rule 155.
T concededly failed to report as income funds which he embezzled from his employer in 1969, 1970, and 1971. During those years, T purchased and sold for his own account various securities (including commodities). The majority of his purchases were made out of his embezzled funds. In 1972, T made partial restitution of the embezzled funds. Held:…
2Cases cited11 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Heiner v. DonnanSupreme Court of the United States · 1932
- Fox v. CommissionerUnited States Tax Court · 1974
- Hosking v. CommissionerUnited States Tax Court · 1974
6 more not listed; retrieve them via the Exa API.