Holt v. Commissioner
United States Tax Court
Petitioner, who had been engaged in the trade or business of trafficking marijuana, was arrested for transporting marijuana. As a result of that arrest, petitioner's truck and horse trailer were seized and forfeited and his marijuana was confiscated. Held, forfeitures and confiscation resulted in losses, not expenses.
Read the full summary
Petitioner, who had been engaged in the trade or business of trafficking marijuana, was arrested for transporting marijuana. As a result of that arrest, petitioner's truck and horse trailer were seized and forfeited and his marijuana was confiscated. Held, forfeitures and confiscation resulted in losses, not expenses. Also held, losses inflicted on petitioners because of petitioner-husband's illegal activities are disallowed under sec. 165; it is against a sharply defined national policy to allow those losses.
1Opinion of the Court
Bill Doug Holt, Petitioner v. Commissioner of Internal Revenue, Respondent; Gail E. Holt, Petitioner v. Commissioner of Internal Revenue, Respondent
Holt v. Commissioner
Docket Nos. 4354-76, 4355-76
United States Tax Court
69 T.C. 75; 1977 U.S. Tax Ct. LEXIS 34;
October 25, 1977, Filed
Decisions will be entered under Rule 155.
Petitioner, who had been engaged in the trade or business of trafficking marijuana, was arrested for transporting marijuana. As a result of that arrest, petitioner's truck and horse trailer were seized and forfeited and his marijuana was confiscated. Held, forfeitures and…
2Cases cited13 opinions
- Commissioner v. TellierSupreme Court of the United States · 1966
- Hopkins v. BaconSupreme Court of the United States · 1930
- Edwards v. BrombergCourt of Appeals for the Fifth Circuit · 1956
- Fuller v. CommissionerUnited States Tax Court · 1953
- Fuller v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1954
8 more not listed; retrieve them via the Exa API.