Estate of Bryan v. Commissioner
United States Tax Court
An attorney embezzled funds from decedent's estate. Partial reimbursement was received from the Client's Security Trust Fund, an organization established pursuant to Maryland law to reimburse losses caused by defalcations of members of the bar. Held, pursuant to sec. 2054, I.R.C. 1954, petitioner must reduce the amount of theft loss in an amount equal to the reimbursement received.
1Opinion of the Court
OPINION
Wilbur, Judge:
Respondent determined a deficiency in decedent’s Federal estate tax return in the amount of $15,712.80. The sole issue for decision is whether $60,000 received from the Client’s Security Trust Fund for the Bar of Maryland is compensation “by insurance or otherwise” within the meaning of section 20541 so as to reduce the amount of theft loss deductible from the gross estate due to embezzlement.
This case was submitted without trial pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and the attached exhibits are incorporated herein by…
2Cases cited3 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Durden v. CommissionerUnited States Tax Court · 1944
- Shanahan v. CommissionerUnited States Tax Court · 1974
3Cited by6 opinions
- Smith v. CommissionerUnited States Tax Court · 1981
- Spak v. CommissionerUnited States Tax Court · 1981
- Estate of Bryan v. CommissionerUnited States Tax Court · 1980
- Samsa v. CommissionerUnited States Tax Court · 1981
- Smith v. CommissionerUnited States Tax Court · 1981
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