Waynesboro Knitting Co. v. Commissioner
United States Tax Court
In 1931, petitioner discovered that one of its officers had embezzled a total of $ 488,010.60 during the years 1926 to 1931. In consideration of the transfer to it by this officer of assets having a total fair market value of $ 258,031.46, petitioner relinquished any further claims which it had against him arising out of his embezzlements.
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In 1931, petitioner discovered that one of its officers had embezzled a total of $ 488,010.60 during the years 1926 to 1931. In consideration of the transfer to it by this officer of assets having a total fair market value of $ 258,031.46, petitioner relinquished any further claims which it had against him arising out of his embezzlements. Petitioner deducted the allocable portions of its net loss of $ 229,979.14 on its returns for 1926 to 1931, but realized tax benefit on only $ 66,326.96 thereof. Among the assets transferred to petitioner in the settlement, were insurance policies on the…
1Opinion of the Court
Waynesboro Knitting Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Waynesboro Knitting Co. v. Commissioner
Docket No. 39433
United States Tax Court
23 T.C. 404; 1954 U.S. Tax Ct. LEXIS 31;
November 30, 1954, Filed
Decision will be entered for the respondent.
In 1931, petitioner discovered that one of its officers had embezzled a total of $ 488,010.60 during the years 1926 to 1931. In consideration of the transfer to it by this officer of assets having a total fair market value of $ 258,031.46, petitioner relinquished any further claims which it had against him arising out of…
2Cases cited9 opinions
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Farr v. CommissionerUnited States Tax Court · 1948
- Sloane v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1951
- Birmingham Terminal Co. v. CommissionerUnited States Tax Court · 1951
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