Flaxlinum Insulating Co. v. Commissioner
United States Board of Tax Appeals
1. Use and occupancy insurance involved in this proceeding was compensation for the loss of a property right, and was not dependent upon or measured by the loss of profits in the operation of the business in connection with which such property was used. 2. The owner of the property destroyed by fire proceeded in good faith to replace the same, and the amount of the use and occupancy insurance in excess of the ordinary fire insurance received thereon used for such replacement…
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1. Use and occupancy insurance involved in this proceeding was compensation for the loss of a property right, and was not dependent upon or measured by the loss of profits in the operation of the business in connection with which such property was used. 2. The owner of the property destroyed by fire proceeded in good faith to replace the same, and the amount of the use and occupancy insurance in excess of the ordinary fire insurance received thereon used for such replacement was not a gain to be included in gross income. 3. The accrual method of accounting employed by petitioner in keeping…
1Opinion of the Court
FLAXLINUM INSULATING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Flaxlinum Insulating Co. v. Commissioner
Docket No. 5120.
United States Board of Tax Appeals
5 B.T.A. 676; 1926 BTA LEXIS 2801;
November 30, 1926, Promulgated
1. Use and occupancy insurance involved in this proceeding was compensation for the loss of a property right, and was not dependent upon or measured by the loss of profits in the operation of the business in connection with which such property was used.
2. The owner of the property destroyed by fire proceeded in good faith to replace the same, and the amount…
2Cases cited6 opinions
- Heim v. American Alliance Insurance Co. of New YorkSupreme Court of Minnesota · 1920
- International Boiler Works Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Cotton Concentration Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Piedmont-Mt. Airy Guano Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Brecher Furniture Co. v. Firemen's InsuranceSupreme Court of Minnesota · 1923
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