Newberry v. Commissioner
United States Tax Court
During 1975, petitioners received business interruption proceeds under two insurance policies. These proceeds were intended to compensate for earnings lost as a result of a fire which suspended operation of petitioner's grocery store business. Held, the business interruption proceeds are not derived from "a trade or business carried on," and thus do not constitute earnings from self-employment within the meaning of sec. 1402(a), I.R.C. 1954.
1Opinion of the Court
Max G. Newberry and Tina F. Newberry, Petitioners v. Commissioner of Internal Revenue, Respondent
Newberry v. Commissioner
Docket No. 8322-79
United States Tax Court
76 T.C. 441; 1981 U.S. Tax Ct. LEXIS 160;
March 17, 1981, Filed
Decision will be entered for the petitioners.
During 1975, petitioners received business interruption proceeds under two insurance policies. These proceeds were intended to compensate for earnings lost as a result of a fire which suspended operation of petitioner's grocery store business. Held, the business interruption proceeds are not derived from "a trade or business…
2Cases cited13 opinions
- Jarecki v. G. D. Searle & Co.Supreme Court of the United States · 1961
- Primuth v. CommissionerUnited States Tax Court · 1970
- Central Illinois Public Service Co. v. United StatesSupreme Court of the United States · 1978
- Cain v. United StatesCourt of Appeals for the Fifth Circuit · 1954
- Newberry v. CommissionerUnited States Tax Court · 1981
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