theft loss

theft loss
A deduction of loss by theft in computation of taxable income, "theft" being broadly defined in this connection to include larceny, robbery, embezzlement, even a wrongful withholding by a trustee. Internal Revenue Code § 165; Vincent v Commissioner (CA9) 219 F2d 228. A deduction in determining the taxable estate of a decedent for estate tax purposes of losses incurred by theft during the settlement of the estate. Internal Revenue Code 1954 § 2054; 26 USC § 2054.

Ballentine's law dictionary. . 1998.

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  • THEFT AND ROBBERY — (Heb. גְּנֵבָה וּגְזֵלָה). An object which is in the possession of a person without the consent of its owner or any other person having a right thereto, when that person knows – or should know – that the latter does not consent, is considered to… …   Encyclopedia of Judaism

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  • loss by theft — As a deduction in computing income tax:–a loss in the sense that the taxpayer is worse off financially as a result of the crime. Anno: 62 ALR2d 590. See theft insurance …   Ballentine's law dictionary

  • theft insurance — noun : insurance against loss or damage caused by the unlawful taking of property * * * insurance against loss or damage of property resulting from theft …   Useful english dictionary

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  • loss — noun 1) the loss of the papers Syn: mislaying, misplacement, destruction, theft 2) loss of earnings Syn: forfeiture, diminution, erosion, reduction, depletion 3) …   Synonyms and antonyms dictionary

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  • Loss on sale of residential property — Section 165(c) of the United States Tax Code limits losses that taxpayers can deduct into three categories: business or trade losses, investment losses, and losses incurred from casualty or theft. A loss incurred by a taxpayer from the sale of… …   Wikipedia

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