Gottlieb Realty Co. v. Commissioner
United States Board of Tax Appeals
1. DEDUCTION - LOSS. - Held, that petitioner sustained a loss for the year in which its funds were wrongfully taken by misappropriation. 2. Id. - COMPENSATION. - Held, that the petitioner's claim or right of action against the now financially irresponsible persons who wrongfully took its funds did not defeat the asserted deduction in the year the petitioner's funds were wrongfully taken within the meaning of section 234(a)(4), Revenue Act of 1926. 3. NET LOSS. - Held,…
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1. DEDUCTION - LOSS. - Held, that petitioner sustained a loss for the year in which its funds were wrongfully taken by misappropriation. 2. Id. - COMPENSATION. - Held, that the petitioner's claim or right of action against the now financially irresponsible persons who wrongfully took its funds did not defeat the asserted deduction in the year the petitioner's funds were wrongfully taken within the meaning of section 234(a)(4), Revenue Act of 1926. 3. NET LOSS. - Held, similar losses in 1924 and 1925 were attributable to the operation of petitioner's business regularly carried on and…
1Opinion of the Court
GOTTLIEB REALTY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gottlieb Realty Co. v. Commissioner
Docket No. 42528.
United States Board of Tax Appeals
28 B.T.A. 418; 1933 BTA LEXIS 1120;
June 20, 1933, Promulgated
1. DEDUCTION - LOSS. - Held, that petitioner sustained a loss for the year in which its funds were wrongfully taken by misappropriation.
2. Id. - COMPENSATION. - Held, that the petitioner's claim or right of action against the now financially irresponsible persons who wrongfully took its funds did not defeat the asserted deduction in the year the petitioner's funds…
2Cases cited1 opinion
- Gottlieb Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933