Archive | Theft Loss

7 Arts Film Company: Tax Shelter Gone Wrong

May 31, 2016  |   Posted by :   |   Tax Evasion,Theft Loss   |   1 Comment

By Gary Wolfe and Muthupandi Ganesan In the Mel Brooks film, The Producers, the promoters of a Broadway play set up a “sure failure” to leave their investors with a tax loss while they absconded with the money raised for the show (too bad the show was a big hit and the promoters wound up […]

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The IRS and Defrauded Investors: Theft Tax Loss (2015)

February 12, 2015  |   Posted by :   |   Theft Loss   |   0 Comments

I have recently publishing my 11th e-book, currently available on Amazon, The IRS and Defrauded Investors: Theft Tax Loss (2015). The IRS tax rules are summarized as follows: US Taxpayers who lose funds due to “fraud” may declare an income tax deduction for their theft loss in the tax year they discover the theft loss. […]

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Theft Loss – IRC Sec 165 – Statement of Law

January 30, 2015  |   Posted by :   |   Theft Loss   |   0 Comments

Theft Losses Summary IRC § 165(a) provides as a general rule that “any loss sustained during the taxable year” may be deducted if it is not compensated for by insurance or otherwise. Section 165(a), however, limits this broad rule by restricting an individual’s deductions to: 1. Losses incurred in a trade or business or a […]

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Theft Loss – IRC Sec 165

January 21, 2015  |   Posted by :   |   Theft Loss   |   0 Comments

US Taxpayers who lose funds due to “fraud” may declare an income tax deduction for their theft loss in the tax year they discover the theft loss (see: IRC sec. 165(a), 165(c)(3), 165 (e) (1). For IRS audits, it is not required that the affected Taxpayer recover their “fraud losses” only that they pursue collection […]

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