Part I Section 165.—Losses. 26 CFR: § 1.165-8: Theft losses. (Also: §§ 63, 67, 68, 172, 1311, 1312, 1313, 1314, 1341) Rev. Rul. 2009-9 ISSUES (1) Is a loss from criminal fraud or embezzlement in a transaction entered into for profit a theft loss or a capital loss under § 165 of the Internal Revenue Code? (2) Is such a loss subject to either the personal loss limits in § 165(h) or the limits on itemized deductions in §§ 67 and 68? (3) In what year is such a loss deductible? (4) How…
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