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ASPHALT INDUSTRIES, INC. v. C. I. R.

No. 17470.

411 F.2d 13 (1969)

ASPHALT INDUSTRIES, INC., Appellant, v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided May 14, 1969.

Attorney(s) appearing for the Case

Daniel Mungall, Jr., Stradley, Ronon, Stevens & Young, Philadelphia, Pa. (Robert M. Taylor, Philadelphia, Pa., on the brief), for appellant.

Loring W. Post, Dept. of Justice, Tax Division, Washington, D. C. (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Meyer Rothwacks, Attys., Dept. of Justice, Washington, D. C., on the brief), for appellee.

Before KALODNER, GANEY and SEITZ, Circuit Judges.

OPINION OF THE COURT

KALODNER, Circuit Judge.

The critical question presented is whether the Tax Court correctly held that theft losses sustained by the petitioner Asphalt Industries, Inc. by reason of diversion of its funds were deductible as a "loss from theft" under Section 165 (a), (e) of the Internal Revenue Code of 19541 only during the taxable year in which they were discovered.

Section 165 "Losses" provides:<...

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