What is the test for determining whether embezzled funds constitute taxable income?
MultiRegion, United States of America
The following excerpt is from Gilbert v. C. I. R., 552 F.2d 478 (2nd Cir. 1977):
The starting point for analysis of this case is James v. United States, 366 U.S. 213, 81 S.Ct. 1052, 6 L.Ed.2d 246 (1961), which established that embezzled funds can constitute taxable income to the embezzler.
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