Commissioner of Internal Revenue v. Harwick

HOLMES, Circuit Judge.

This petition for review involves an asserted deficiency in income taxes for the calendar year 1944. The question presented, as stated by petitioner, is whether the Tax Court erred in allowing the taxpayer a deductible loss in 1944, occasioned by the wreck of a vessel owned by him and partially covered by insurance, which wreck admittedly occurred in 1943. As stated hy respondent, the question presented is whether said court erred in allowing said loss in 1944, when it was during and not until 1944 that his insurers admitted and settled their liability by partial payment…