Theft Loss Archives | Briefly Taxing

Accuracy Related Penalty

Vennes v. Commissioner
T.C. Memo. 2021-93

On July 20, 2021, the Tax Court issued a Memorandum Opinion in the case of Vennes v. Commissioner (T.C. Memo. 2021-93). The primary issues presented in Vennes v. Commissioner were whether the petitioner was entitled to passthrough theft loss deductions for 2008, and whether the petitioner was liable for the accuracy‑related penalty pursuant to IRC § 6662(a). The Petitioner’s Checkered Past in Vennes v. Commissioner In 1990, the petitioner completed a prison sentence for money

Scott St. Amand September 2, 2021

Deductions

Torres v. Commissioner
T.C. Memo. 2021-66

On June 2, 2021, the Tax Court issued a Memorandum Opinion in the case of Torres v. Commissioner (T.C. Memo. 2021-66). The issues presented in Torres v. Commissioner were whether the petitioner was entitled to reduce his flowthrough income from his wholly owned S corporation for a theft loss deduction pursuant to IRC § 165. Background to Torres v. Commissioner As of 2016, the petitioner was illiterate—whether because of an illness or because he didn’t ascribe

Scott St. Amand June 21, 2021

Accuracy Related Penalty

Baum v. Commissioner
T.C. Memo. 2021-46

On April 27, 2021, the Tax Court issued a Memorandum Opinion in the case of Baum v. Commissioner (T.C. Memo. 2021-46). The primary issues presented in Baum were whether the petitioners were entitled to deductions for expenses as reported on Schedules C (Profit or Loss from Business) for the years in issue and whether the petitioners were entitled to a theft loss deduction pursuant to IRC § 165 for 2015. Background to Baum v. Commissioner:

Scott St. Amand April 27, 2021

Accuracy Related Penalty

Filler v. Commissioner
T.C. Memo. 2021-6

On January 13, 2021, the Tax Court issued a Memorandum Opinion in the case of Filler v. Commissioner (T.C. Memo. 2021-6). The issues presented in Filler v. Commissioner were whether the petitioner (1) properly reported $100,000 in income received as capital gain rather than ordinary income; (2) is liable for self-employment tax; (3) is entitled to deduct a net operating loss carryover originating in tax year 2012; and (4) is liable for penalty under IRC

Scott St. Amand January 13, 2021

IRC § 165

Giambrone v. Commissioner
T.C. Memo. 2020-145

On October 19, 2020, the Tax Court issued a Memorandum Opinion in the case of Giambrone v. Commissioner (T.C. Memo. 2020-145). The primary issue before the court in Giambrone v. Commissioner is whether the IRS improperly disallowed a theft loss deduction that the petitioners claimed on their respective 2012 returns.

Scott St. Amand October 19, 2020

Accuracy Related Penalty

Littlejohn v. Commissioner (T.C. Memo. 2020-42)

On April 9, 2020, the Tax Court issued a Memorandum Opinion in the case of Littlejohn v. Commissioner (T.C. Memo. 2020-42). The issues properly before the court in Littlejohn v. Commissioner were whether (1) the petitioners are entitled to certain rental real estate deductions for the tax years at issue; (2) whether the petitioners are entitled to theft loss deductions for their tax years 2010 and 2013; and (3) whether the petitioners are liable for

Scott St. Amand April 9, 2020