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ESTATE OF MERIANO v. C.I.R.

No. 96-7329.

142 F.3d 651 (1998)

ESTATE OF Philip MERIANO, Deceased, Anita Panepinto, Administratrix, Appellant, v. COMMISSIONER OF INTERNAL REVENUE SERVICE.

United States Court of Appeals, Third Circuit.

Decided April 24, 1998.

Attorney(s) appearing for the Case

James S. Tupitza, Tupitza & Marinelli, West Chester, PA, Stephen D. Hamilton (Argued), Alfred W. Putnam, Jr., Drinker, Biddle & Reath, Philadelphia, PA, for Appellant.

Loretta C. Argrett, Asst. Atty. Gen., Gary R. Allen, David I. Pincus, Kenneth Rosenberg (Argued), U.S. Dept. of Justice, Washington, DC, Stuart L. Brown, Internal Revenue Service, Washington, DC, for Appellee.

Before: BECKER, Chief Judge and ROTH, Circuit Judges, and BARRY, District Judge

OPINION OF THE COURT

ROTH, Circuit Judge:

In this case, we must decide whether an estate is entitled to a theft loss deduction under the federal tax code for funds wrongfully paid out from an estate and never returned. The decedent, Philip Meriano, left an estate that included over one million dollars worth of bearer bonds. The bonds had been stolen from Meriano but were later returned to the estate. Excessive fees and costs were charged against the estate...

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