Tarsey v. Commissioner
United States Tax Court
Petitioners were involved in an auto accident which rendered their auto a total loss, save salvage. They filed suit to recover. The other driver cross-complained and petitioners settled. They deducted the value of their auto, attorney fees, filing fees, and the settlement as a casualty loss. Held, the only amount allowable is the value of the auto. Sec. 165(c)(3), I.R.C. 1954; sec. 1.165-7(b), Income Tax Regs.
1Opinion of the Court
Testjens, Judge:
The Commissioner determined a deficiency in petitioners’ 1967 Federal income tax in the amount of $123.70. The only issue before us is whether fees paid to file suit to recover for property damages and the amount paid in settlement of a counterclaim for property damages are properly deductible as a casualty loss under section 165 (c) (3), I.E.C. 1954.1
FINDINGS OF FACT
All of the facts have been stipulated and the case has been submitted under Eule 30. The stipulation and exhibits attached thereto are incorporated herein by this reference and the facts are found accordingly.…
2Cases cited3 opinions
- Ticket Office Equipment Co. v. CommissionerUnited States Tax Court · 1953
- Ander v. CommissionerUnited States Tax Court · 1967
- Peyton v. CommissionerUnited States Board of Tax Appeals · 1928
3Cited by12 opinions
- Cornelius v. CommissionerUnited States Tax Court · 1971
- Bartlett v. United StatesDistrict Court, D. Maryland · 1975
- William C. Dosher v. United States of America (Internal Revenue Service)Court of Appeals for the Fifth Circuit · 1984
- Hayutin v. CommissionerUnited States Tax Court · 1972
- Messina v. United StatesUnited States Court of Claims · 1973
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