Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Unreimbursed Theft Loss
Schroerlucke vs. U.S., 2011 WL 4440599 (Fed. Cl.)
Facts
Mr. And Mrs. Schroerlucke claim they were due a tax refund for unreimbursed losses for 1997, 1998, 1999, and 2002. Mr. Schroerlucke had worked for World Com until he terminated employment on January 4, 1999 and had accumulated stock options. He had exercised all options and retained full ownership and had all rights in decisions pertaining to the stock. The last of the stock was sold on May 1, 2002, May 24, 2002, and September 12, 2002, in which he received some cash from the sales.
On April 11, 2003, Mr. And Mrs. Schroerlucke filed their 2002-1040 tax return with a long-term capital loss of $6,741,358 and received...
On April 7, 2006, Mr. And Mrs. Schroerlucke filed a 2002 1040X to claim the losses as a theft loss under provisions 26 U.S.C. 165 (2006), claiming an additional $9,959. Based on carry back in 2002, they claimed additional refunds of $63,018, $39,366, and $2,549,207 for 1997, 1998, and 1999 respectively. The total claims equaled $6,530,047.53. IRS denied the refunds on July 31, 2008.
Mr. And Mrs. Schroerlucke filed a complaint on November 10, 2009 alleging they were victims of theft and theft by deception under Georgia law. They claimed a refund of $2,661,550 for unreimbursed theft loss. The claim was denied based on the fact that there cannot be a theft under Georgia law. IRS filed a summary…
There is evidence that the courts have adopted the state law test to determine if a theft has actually occurred, DeFusco v. Comm'r, 38 T.C.M. At 922, Paine vs. Comm'r, 63 T.C. At 740. Therefore, is it permissible to use the Georgia State law to determine if they theft occurred because Georgia is the state of residence for Mr. And Mrs. Schroerlucke.
The Official Code of Georgia Annotated (OCGA) 16-8-4 (West 2011) (theft of conversion) and OCGA 16-8-5 (West 2011) (theft of services) was relevant to this case. The theft of services could not have occurred because Mr. Schroerlucke terminated employment on January 4, 1999 and received all compensation he was entitled to at that point. He had exercised all stock options and retained all the rights to them at that point.
Mr. And Mrs. Schroerlucke alleged that World Com stole Mr. Schroerlucke's investments by hiding the fraudulent activities to artificially inflate the stock price or by changing the business from lawful to unlawful practices. The Georgia law states a theft occurs when one "unlawfully takes or, being in lawful possession thereof, unlawfully appropriates any property of another with the intention of depriving him of his property, regardless of the manner in which the property is taken or appropriated." Mr. Schroerlucke had exercised the stock options and retained full rights. World Com had given him all he was entitled to and did not hold his property. Therefore, no theft occurred under the Georgia state law.
Court Systems The structure and platform on which the legal system is based upon is very important in understanding the total landscape of how justice is carried out within the confines of the government. The purpose of this essay is to explore the inner workings of both the federal and state court systems and highlight their similarities and differences. Also, this essay will investigate the roles of court administrators in the
Court Management Policy Proposal The retributive and rehabilitative approaches of justice are dominant, and research suggests that they have disappointed the juvenile legal system. The rise in youth crime and critiques of the juvenile legal approaches has led to demands for reforms in the way of charging youth offenders. The retributive approach of justice suggests that juvenile offenses are violations against the state and holds the state accountable for sentencing youth
Court Service Management How does a court system cope with a changing of the guard when a new administration is elected and key executives and managers are replaced, and/or when policy changes direction as a new political party assumes power? The court deals with transitions of power by maintaining the established traditions and principles from the Constitution. This is used to ensure that case precedent is respected and to provide stability for
Robertson illustrated his point about the dangers of the Supreme Court's power anecdotally, such as when, later in the book he talks about the McCain-Feingold Bill which was designed to restrict campaign finance and reform the ways political campaigns were funded both privately and via government assistance. Although the Republicans in neither the Legislative or Executive branch supported the bill, they agreed to pass it in order to end the
Court Analysis Justice and Court Administration Administration and management of courts is filled with challenges. Often depending upon the geographical context of the court, such challenges will include resource shortage, a perpetual docket of criminal cases and the broader complexity of providing civil order and justice to communities while balancing constitutional law and local ordinance. Moreover, the complexity of administering justice in and of itself plays a part in the difficulty of
Court System The basic structure of the United States legal system comes from the Constitution. Constitutions are living documents that lay down principles and rules, as well as overall functions of how law should be used within society. Constitutions tend to be macro in scope, in that they define responsibilities between the three organs of U.S. Government (Judicial, Legislature and Executive). Laws are individual (micro) edicts that are made to define