In Davis v. Commissioner, T.C. Memo. 2005-160, the Tax Court held yesterday that an Annapolis, Maryland taxpayer could not take a 250k theft loss deduction for substandard construction and overcharges on a custom-built home because he didn’t prove when he discovered the loss, the amount of the loss, or that he had no reasonable prospect of recovery in the year he claimed the loss.
One response to “Tax Court Denies Theft Loss Deduction for Shoddy Construction on Custom Home”
IRS=FRAUD
IRS=FRAUD. In June of 2002, Bob Schulz publicly declared he has forever stopped paying income taxes or filing income tax returns, based solely on the content of this hearing and the government’s refusal to answer the well documented legal charges th…