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24 Jun 088 AAT allows part deduction for misappropriated funds - Lean

The AAT has held that a taxpayer was entitled to a deduction under s 25-45 ITAA 1997 for half the amount of $4,630,314, misappropriated by a person who represented himself as a securities trader and investment fund manager in Hong Kong, on the basis that half the amount misappropriated was sourced out of the taxpayer's share of profits derived by him on the sale, in unrelated transactions, of US shares: Lean and FCT [2008] AATA 519 (AAT, Taylor SC SM, 20 June 2008).

For a copy of the decision, go here  

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