Billman v. Commissioner
United States Tax Court
Petitioner Bernard was employed in the early 1970's by the U.S. Navy in Vietnam. He met But Thi there. They planned to stay in Vietnam after marriage. To that end, they accumulated Vietnamese currency by saving. In 1970, Bernard, caught in a reduction in force, had to return to the U.S. But Thi came in 1972. The currency was left in Vietnam with But Thi's parents, but was forwarded to petitioners in 1975. They still have it.
Read the full summary
Petitioner Bernard was employed in the early 1970's by the U.S. Navy in Vietnam. He met But Thi there. They planned to stay in Vietnam after marriage. To that end, they accumulated Vietnamese currency by saving. In 1970, Bernard, caught in a reduction in force, had to return to the U.S. But Thi came in 1972. The currency was left in Vietnam with But Thi's parents, but was forwarded to petitioners in 1975. They still have it. Due to the sudden fall of South Vietnam to North Vietnam and the withdrawal of the United States, the currency became worthless in 1975. Held, petitioners suffered no…
1Opinion of the Court
OPINION
Tietjens, Judge:
Respondent determined a deficiency in Federal income tax for the year 1975 against petitioners in the amount of $3,192.62.
The only issue is whether petitioners Bernard C. Billman and But Thi Billman sustained a deductible loss of any kind under the Internal Revenue Code of 1954, when certain South Vietnamese currency which they owned, held in 1975, and still hold, became worthless on approximately April 30,1975.
This case was fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and exhibits are incorporated herein by…
2Cases cited2 opinions
- Popa v. CommissionerUnited States Tax Court · 1979
- Gurry v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by13 opinions
- Maher v. CommissionerUnited States Tax Court · 1981
- Coleman v. CommissionerUnited States Tax Court · 1981
- Billman v. CommissionerUnited States Tax Court · 1979
- Coleman v. CommissionerUnited States Tax Court · 1981
- Friedman v. CommissionerUnited States Tax Court · 1992
8 more not listed; retrieve them via the Exa API.