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GERSTELL v. COMMISSIONER

Docket No. 4299-64.

46 T.C. 161 (1966)

ROBERT S. GERSTELL AND ALICE R. GERSTELL, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 4, 1966.

Attorney(s) appearing for the Case

David Sachs, for the petitioners.

Julius M. Jacobs, for the respondent.

ATKINS, Judge:

The respondent determined a deficiency in income tax for the taxable year 1961 in the amount of $89,727.64. The issue is whether the petitioners are entitled to deduct, as a loss arising from theft, an amount of $103,836.98, being the difference between the amount received by them upon the sale of certain annuity contracts ($500) and the amount received by the purchaser upon surrender thereof shortly thereafter ($104,336.98).

FINDINGS...

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