R. R. Hensler, Inc. v. Commissioner
United States Tax Court
Petitioner entered into a contract to excavate dirt and debris that had accumulated behind a dam. Heavy rain storms in early 1969 caused massive flooding behind the dam and buried or damaged much of petitioner's equipment used on the project.
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Petitioner entered into a contract to excavate dirt and debris that had accumulated behind a dam. Heavy rain storms in early 1969 caused massive flooding behind the dam and buried or damaged much of petitioner's equipment used on the project. Petitioner agreed with insurance company to recover and repair the equipment, but due to limits in the insurance policy, petitioner was forced to bring suit against the insurance company for additional benefits, which was settled in 1972. Petitioner deducted its expenditures currently as business expense and included insurance payments received in…
1Opinion of the Court
R. R. Hensler, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
R. R. Hensler, Inc. v. Commissioner
Docket No. 6677-75
United States Tax Court
73 T.C. 168; 1979 U.S. Tax Ct. LEXIS 29;
October 29, 1979, Filed
Decision will be entered under Rule 155.
Petitioner entered into a contract to excavate dirt and debris that had accumulated behind a dam. Heavy rain storms in early 1969 caused massive flooding behind the dam and buried or damaged much of petitioner's equipment used on the project. Petitioner agreed with insurance company to recover and repair the equipment, but due to limits…
2Cases cited18 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Commissioner v. TellierSupreme Court of the United States · 1966
- Illinois Merchants Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1926
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