Thornton v. Commissioner
United States Tax Court
Held, that portion of the decline in market value of a residence which is attributable to a fear of recurring floods and which is not caused by actual physical damage to the residence is not deductible as a casualty loss under sec. 165, I.R.C. 1954.1Unless otherwise indicated, all statutory references are to the Internal Revenue Code of 1954
1Opinion of the Court
Hoyt, Judge:
This case involves the determination by the Commissioner of a deficiency in the income tax of the petitioners in the amount of $716.19 for the calendar year 1961. The Commissioner made the following adjustments in recomputing the petitioners’ tax for the year in question:(a) The disallowance of $4,513.75 of a claimed casualty loss deduction totaling $5,083.75.(b) The disallowance of a deduction for club dues in the amount of $30.(c) The allowance of an unclaimed interest deduction in the amount of $35.27.(d) The allowance of an unclaimed tax deduction in the amount of $5.94.
Petitio…
2Cases cited6 opinions
- The Citizens Bank of Weston v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Austin Clapp, Gloria Clapp, Stuart P. Clapp, and Virginia M. Clapp v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Citizens Bank of Weston v. CommissionerUnited States Tax Court · 1957
- Peterson v. CommissionerUnited States Tax Court · 1958
- J. G. Boswell Co. v. CommissionerUnited States Tax Court · 1960
1 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Squirt Co. v. CommissionerUnited States Tax Court · 1969
- Pulvers v. CommissionerUnited States Tax Court · 1967
- Kamanski v. CommissionerUnited States Tax Court · 1970
- Black v. CommissionerUnited States Tax Court · 1977
- Ford v. CommissionerUnited States Tax Court · 1974
14 more not listed; retrieve them via the Exa API.