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CAMPBELL v. WAGGONER

No. 23230.

370 F.2d 157 (1966)

Ellis CAMPBELL, Jr., District Director of Internal Revenue, Appellant, v. E. Paul WAGGONER and Helen B. Waggoner, Appellees.

United States Court of Appeals Fifth Circuit.

December 19, 1966.

Attorney(s) appearing for the Case

David O. Walter, William A. Friedlander, Attys., Dept. of Justice, Washington, D. C., Melvin M. Digges, U. S. Atty., Fort Worth, Tex., Richard M. Roberts, Act. Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Washington, D. C., Martha Joe Stroud, Asst. U. S. Atty., of counsel, for petitioner.

R. B. Cannon, Fort Worth, Tex., Weeks, Bird, Cannon & Appleman, Fort Worth, Tex., of counsel, for appellees.

Before BROWN, COLEMAN and AINSWORTH, Circuit Judges.

AINSWORTH, Circuit Judge:

The question for decision in this case is whether a wholly uncompensated theft loss of personal jewelry, a non-business capital asset, may be deducted from ordinary income under Section 165 of the Internal Revenue Code of 1954, or whether the loss must be offset against capital gains as provided in Section 1231 of the Code.

On June 23, 1960, taxpayers' residence at Vernon, Texas, was burglarized and personal jewelry (stipulated to...

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