Chewning v. Commissioner
United States Tax Court
The petitioners in 1960 suffered a loss, not compensated for to any extent by insurance or otherwise, from the destruction by storm of boxwood bushes located at their personal residence.
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The petitioners in 1960 suffered a loss, not compensated for to any extent by insurance or otherwise, from the destruction by storm of boxwood bushes located at their personal residence. Held, that such loss is not deductible as an ordinary loss under section 165(c)(3) of the Internal Revenue Code of 1954, but must be applied, pursuant to the provisions of section 1231 of the Code, in reduction of the petitioners' gains from sales of property used in the petitioners' trade or business.
1Opinion of the Court
E. Taylor Chewning and Caroline M. Chewning, Petitioners, v. Commissioner of Internal Revenue, Respondent
Chewning v. Commissioner
Docket No. 3991-63
United States Tax Court
44 T.C. 678; 1965 U.S. Tax Ct. LEXIS 45;
July 30, 1965, Filed
Decision will be entered for the respondent.
The petitioners in 1960 suffered a loss, not compensated for to any extent by insurance or otherwise, from the destruction by storm of boxwood bushes located at their personal residence. Held, that such loss is not deductible as an ordinary loss under section 165(c)(3) of the Internal Revenue Code of 1954, but must be…
2Cases cited8 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- Draper v. CommissionerUnited States Tax Court · 1959
- Arthur B. Maurer and Mary E. Ford Maurer v. United StatesCourt of Appeals for the Tenth Circuit · 1960
- Continental Research, Inc. v. Cruttenden, Podesta & MillerDistrict Court, D. Minnesota · 1963
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