Wagner v. Commissioner
United States Board of Tax Appeals
In 1918 the Alien Property Custodian illegally seized the property of petitioner, an American citizen, his records and bank accounts, which included his income for that year. The cost of the property seized, and its value at that time, was in excess of $5,000,000. In 1921, after making due efforts to secure the return of the property, petitioner was forced to assign to a creditor his claim against the Custodian.
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In 1918 the Alien Property Custodian illegally seized the property of petitioner, an American citizen, his records and bank accounts, which included his income for that year. The cost of the property seized, and its value at that time, was in excess of $5,000,000. In 1921, after making due efforts to secure the return of the property, petitioner was forced to assign to a creditor his claim against the Custodian. At that time the property had depreciated to a value of less than $1,500,000. In 1923 the Custodian released what remained of the property and turned it over to petitioner's assignee.…
1Opinion of the Court
*927OPINION.
Aeundell:
The parties to this proceeding have filed a stipulation reading as follows:
If such seizure resulted in a loss to the taxpayer, such loss was in excess of the income received by the taxpayer during that year, and if deductible under the law the taxpayer received no net income during that year which would subject him to tax.
The Commissioner’s position is that a seizure by the Alien Property Custodian under the facts set forth in the findings is not such a taking as would entail-passage of the general title to the property and consequently title remained vested in petitioner…
2Cases cited7 opinions
- United States v. Chemical Foundation, Inc.Supreme Court of the United States · 1926
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Stoehr v. WallaceSupreme Court of the United States · 1921
- United States v. Chemical Foundation, Inc.District Court, D. Delaware · 1924
- Gregg's EstateSupreme Court of Pennsylvania · 1920
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Wagner v. CommissionerUnited States Board of Tax Appeals · 1927