Burke Grain Co. v. Commissioner
United States Board of Tax Appeals
1. Where petitioner, a stock and commodities broker, sustained a loss through embezzlement of margin funds deposited by clients, held the loss was sustained in the year of embezzlement, since the deposits were not trust funds. 2. Proof of the amounts embezzled by testimony of the embezzler, held sufficient without production of petitioner's books. 3. A contribution to petitioner's capital by its principal stockholder, held not compensation for the loss.
1Opinion of the Court
BURKE GRAIN COMPANY, A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Burke Grain Co. v. Commissioner
Docket No. 81799.
United States Board of Tax Appeals
39 B.T.A. 334; 1939 BTA LEXIS 1049;
February 2, 1939, Promulgated
1. Where petitioner, a stock and commodities broker, sustained a loss through embezzlement of margin funds deposited by clients, held the loss was sustained in the year of embezzlement, since the deposits were not trust funds.
2. Proof of the amounts embezzled by testimony of the embezzler, held sufficient without production of petitioner's books.
3. A…
2Cases cited7 opinions
- Richardson v. ShawSupreme Court of the United States · 1908
- People v. ThomasAppellate Division of the Supreme Court of the State of New York · 1903
- Peterson Linotyping Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Gottlieb Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Stein v. Local Board of ReviewSupreme Court of Iowa · 1907
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