Lynda Wang - Page 3

                                        - 2 -                                         


               Respondent determined a deficiency of $949 in petitioner’s             
          2000 Federal income tax.                                                    
               The issue for decision is whether petitioner is entitled to            
          deduct for 2000 an alleged theft loss of $80,950 from 1980.                 
               Petitioner resided in Rochester, New York, at the time she             
          filed her petition.                                                         
               Petitioner refused to sign a stipulation of facts.                     
               Petitioner filed Form 1040, U.S. Individual Income Tax                 
          Return, for taxable year 2000.  On her return, petitioner claimed           
          $80,950 under “other miscellaneous deductions”.  Respondent                 
          determined that petitioner was not entitled to the claimed                  
          deduction.                                                                  
               In her petition, petitioner contended that she is entitled             
          to carry forward losses for 20 years.  In her memorandum,                   
          petitioner stated that her claimed deduction of $80,950 was due             
          to a theft loss from 1980.  Petitioner further stated that in               
          1980 her landlord, Bobson Realty, through various agents, first             
          stored her belongings for months and subsequently threw them                
          away.                                                                       
               We first address whether petitioner is entitled to a theft             
          loss deduction.  Section 165(a) allows a deduction for any loss             
          sustained during the taxable year and not compensated for by                
          insurance or otherwise.  Section 165(c)(3), in relevant part,               
          limits such a deduction for individuals to losses of property not           




Page:  Previous  1  2  3  4  5  6  Next

Last modified: May 25, 2011