LEBANON The playoff run for the Lebanon High boys tennis team got off to a flawless start on Thursday afternoon when the Raiders dropped just two games in a 9-0 sweep of Kingswood to open NHIAA Division II postseason play at the CCBA courts.Mason.
Taxpayers not allowed Ponzi loss safe harbor
The Tax Court holds that the taxpayers had not complied with the conditions of Rev. Proc. 2009-20.
By Charles J. Reichert, CPA Related
The Tax Court held that taxpayers who were victims of an embezzlement scheme could not use the safe-harbor provision of Rev. Proc. 2009-20 to deduct their theft losses because the taxpayers failed to comply with its requirements. According to the court, the revenue procedure allows the safe harbor only for the tax year a theft is discovered, which occurred before the taxpayers years at issue.
Facts: In 1999, Michael Giambrone and his brother William founded the Platinum Community Bank in Illinois, which was owned by a holding company, Platinum Bancshares Inc., in which they held a 52.2% ownership interest. The bank struggled financially, so in 2007, stock in the holding company was sold to Taylor Bean & Whitaker Mortgage Co. (TBW) to raise capital. By early 2009, TBW owned an 82.6% interest in th