Kraus v. Commissioner
United States Tax Court
1. Petitioner and his wife owned a beach home as tenants by the entireties on the New Jersey Coast. It and its contents were extensively damaged in a storm on September 14, 1944. The amount of loss was determined. 2. Petitioner and his wife owned the realty as tenants by the entireties; and petitioner, individually, owned the personalty. Held, petitioner is entitled to deduct only one-half of the loss sustained to the realty but may deduct the total loss to the personalty.
1Opinion of the Court
Gilbert J. Kraus v. Commissioner.
Kraus v. Commissioner
Docket No. 22594.
United States Tax Court
1951 Tax Ct. Memo LEXIS 49; 10 T.C.M. (CCH) 1071; T.C.M. (RIA) 51327;
October 31, 1951
1. Petitioner and his wife owned a beach home as tenants by the entireties on the New Jersey Coast. It and its contents were extensively damaged in a storm on September 14, 1944. The amount of loss was determined.
2. Petitioner and his wife owned the realty as tenants by the entireties; and petitioner, individually, owned the personalty. Held, petitioner is entitled to deduct only one-half of the loss sustained to the…
2Cases cited7 opinions
- Helvering v. OwensSupreme Court of the United States · 1939
- Greene v. CommissionerUnited States Tax Court · 1946
- Draper v. CommissionerUnited States Tax Court · 1950
- Nicodemus v. CommissionerUnited States Board of Tax Appeals · 1932
- Zanzonico v. ZanzonicoSupreme Court of New Jersey · 1946
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