- 10 - upon the law of the jurisdiction wherein the particular loss occurred.” Monteleone v. Commissioner, 34 T.C. 688, 692 (1960). Petitioner essentially conceded that he is not entitled to a theft loss. At trial, petitioner described the nature of the loss, saying: “I don’t know how you would classify it, but it’s not really a theft. It’s a loss of the money I had invested in the house in that town, because the police forced me to leave the town. So it’s deprivation of rights, and loss.” Regardless of the conflicts petitioner may have had with his neighbors and the police in Coos Bay, his house was not the subject of a theft. On the contrary, in 1998 he sold the house for $39,500, little less than the price for which he purchased it. Accordingly, we hold that petitioner is not entitled to a theft loss deduction for 1997. To reflect the foregoing, Decision will be entered for respondent.Page: Previous 1 2 3 4 5 6 7 8 9 10
Last modified: May 25, 2011