Graham v. Commissioner
United States Tax Court
1. Held, petitioners incurred a deductible casualty loss in the amount of $ 13,125 occasioned by destruction of rare and unusually fine specimens of ornamental trees, plants, and shrubs on their residential property in an unseasonable freeze. 2. Petitioner husband was a partner in a law firm retained as local counsel by a major overseas airline.
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1. Held, petitioners incurred a deductible casualty loss in the amount of $ 13,125 occasioned by destruction of rare and unusually fine specimens of ornamental trees, plants, and shrubs on their residential property in an unseasonable freeze. 2. Petitioner husband was a partner in a law firm retained as local counsel by a major overseas airline. In 1955, petitioners took a 3-month trip to South America and on their return prepared a travel brochure and showed pictures of the trip to friends and acquaintances. The airline provided overseas transportation. Held, expenses of the trip are not…
1Opinion of the Court
OPINION.
Black, Judge:
Although respondent allowed petitioners a casualty loss of $4,000 due to the destruction in their garden, his expert witnesses testified that the fair market value of petitioners’ property decreased $9,500 as a result of the freeze, and on brief respondent now concedes this sum is an allowable deduction under section 165 (a), (b),and (c) (3),I.E.C. 1954.1
The parties do not disagree as to the applicable principle of law by which the amount of the loss is to be determined. That rule was stated in Buttram v. Jones, 87 F. Supp. 322, 324, thus:
The deductible loss is the…
2Cases cited4 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Hill v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1950
- Wilson v. CommissionerUnited States Board of Tax Appeals · 1929
- Buttram v. JonesDistrict Court, W.D. Oklahoma · 1943
3Cited by8 opinions
- Cliff C. Wilson v. The United StatesUnited States Court of Claims · 1967
- Curran v. CommissionerUnited States Tax Court · 1984
- Harbor Medical Corp. v. CommissionerUnited States Tax Court · 1979
- Knudtson v. CommissionerUnited States Tax Court · 1980
- Gevirtz v. CommissionerUnited States Tax Court · 1987
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