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socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 37957
Experience:  Retired (mostly)
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My fiancée literally stole the $20,000 engagement ring, will

Customer Question

My fiancée literally stole the $20,000 engagement ring, will not give it back.
Would this be a taxable income for her?
Submitted: 1 year ago.
Category: Tax
Expert:  socrateaser replied 1 year ago.

Hello,

The legendary gangster, Al Capone was infamously convicted of federal tax evasion for failing to report income from illegal liquor distribution. If the ring is stolen, then the income is taxable. See Collins v. Commissioner of the Internal Revenue, 3 F.3d 625 (U.S. 2nd Circuit 1993).

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Expert:  socrateaser replied 1 year ago.

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer -- otherwise I receive nothing for my efforts in your behalf.

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