Aksomitas v. Commissioner
United States Tax Court
Petitioner was transferred from his place of employment in Connecticut to Florida in the year 1961. In the summer of 1962, his family also moved to Florida. In August of 1964 petitioner employed a pilot and crew to bring his 45-foot yacht from Connecticut to Florida. During the course of the voyage south the propeller shaft snapped and considerable water damage was suffered.
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Petitioner was transferred from his place of employment in Connecticut to Florida in the year 1961. In the summer of 1962, his family also moved to Florida. In August of 1964 petitioner employed a pilot and crew to bring his 45-foot yacht from Connecticut to Florida. During the course of the voyage south the propeller shaft snapped and considerable water damage was suffered. Held: Petitioner has not proved that the damage to his yacht was the result of shipwreck or other casualty. He is not entitled to deduct any amount as a loss under sec. 165(c)(3), I.R.C. 1954. Additionally, petitioner…
1Opinion of the Court
Iioxr, Judge:
Respondent determined a deficiency in income tax of $1,175.66 against petitioner for the taxable year 1961.1 Two issues are presented for our decision:(1) Whether petitioner is entitled to a casualty loss deduction under section 165(c) (3), I.R.C. 1954,2 because of damage sustained by his yacht during that year.(2) Whether petitioner may deduct under section 217, I.R.C. 1954, certain costs incurred in attempting to make the yacht seaworthy and in transporting it under its own power toward Florida, his new place of employment.
The proper amount of petitioner’s medical deduction is…
2Cases cited2 opinions
- White v. CommissionerUnited States Tax Court · 1967
- Barney v. MaySupreme Court of Minnesota · 1917
3Cited by8 opinions
- Austin v. CommissionerUnited States Tax Court · 1980
- Fogg v. CommissionerUnited States Tax Court · 1987
- Aksomitas v. CommissionerUnited States Tax Court · 1968
- Austin v. CommissionerUnited States Tax Court · 1980
- Clem v. CommissionerUnited States Tax Court · 1991
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