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WEBB v. I.R.S. OF U.S.

No. 93-1684.

15 F.3d 203 (1994)

Frederick L. WEBB, Plaintiff, Appellant, v. INTERNAL REVENUE SERVICE of the UNITED STATES of America, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided February 3, 1994.

Attorney(s) appearing for the Case

Brendan J. Shea, with whom Joseph J. Brodigan and Langan, Dempsey & Brodigan, Boston, MA, were on brief, for appellant.

Teresa T. Milton, with whom Michael L. Paup, Acting Asst. Atty. Gen., Washington, DC, A. John Pappalardo, Acting U.S. Atty., Boston, MA, Gary R. Allen and David I. Pincus, Washington, DC, were on brief, for appellee.

Before SELYA, Circuit Judge, BOWNES, Senior Circuit Judge, and CYR, Circuit Judge.

CYR, Circuit Judge.

We must decide whether government loan proceeds embezzled with intent to repay are taxable in the year of the embezzlement.

I.

Ronald and Sharon Pomella established River Realty Trust ("Trust"), a qualified Massachusetts business trust, as the entity which would operate the South River Marina in Scituate, Massachusetts. Under the trust agreement, Sharon was designated sole trustee and Ronald received title to all transferable...

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