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RENO TURF CLUB, INC. v. COMMISSIONER

Docket No. 8257-75.

39 T.C.M. 172 (1979)

T.C. Memo. 1979-381

Reno Turf Club, Inc. v. Commissioner.

United States Tax Court.

Filed September 17, 1979.

Attorney(s) appearing for the Case

Jerome L. Blut, 300 South Fourth Street, Las Vegas, Nev., for the petitioner. Gregory A. Robinson, for the respondent.

Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined deficiencies in petitioner's Federal income taxes for the years ended December 31, 1971 and December 31, 1972, in the respective amounts of $24,175.63 and $15,926.67.

The issue for decision is whether petitioner is entitled to deduct as a loss under section 165, I.R.C. 1954,1 a cash shortage discovered by its manager and sole stockholder in 1972...

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