Shanahan v. Commissioner
United States Tax Court
Petitioners' home was damaged in 1971 by an earthquake. They received an unsecured loan from the Small Business Administration in 1971 and a portion of the loan was canceled in 1971. Held, the petitioners must reduce the amount of their casualty loss in an amount equal to the cancellation of indebtedness because petitioners were "compensated" by such cancellation within the meaning of sec. 165(a).
1Opinion of the Court
OPINION
Irwin, Judge:
Respondent determined a deficiency of $250 in petitioners’ 1971 income tax. The only question remaining for decision is whether petitioners received compensation for a casualty loss within the meaning of section 165(a).1
All of the facts of this case have been stipulated and are so found.
James A. and Constance M. Shanahan, husband and wife, filed a joint Federal income tax return for the year 1971. At the time of the filing of the petition herein they resided in Sepulveda, Calif. Hereinafter the Shanahans will be referred to as petitioners.
Petitioners’ home was damaged on…
2Cases cited7 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- McWilliams v. CommissionerSupreme Court of the United States · 1947
- Durden v. CommissionerUnited States Tax Court · 1944
- White v. CommissionerUnited States Tax Court · 1967
2 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Forward Communications Corp. v. United StatesUnited States Court of Claims · 1979
- Weyerhaeuser Co. v. United StatesUnited States Court of Federal Claims · 1994
- Weyerhaeuser Company, and Subsidiaries v. The United States, Defendant/cross-AppellantCourt of Appeals for the Federal Circuit · 1996
- Estate of Bryan v. CommissionerUnited States Tax Court · 1980
- George Freitas Dairy, Inc. v. The United States of America, Henry Costa, Jr. Dairy, Inc. v. The United States of AmericaCourt of Appeals for the Ninth Circuit · 1978
8 more not listed; retrieve them via the Exa API.