Helvering v. Owens

This appeal involves the question as to how much the taxpayers — a husband and *319wife filing a joint income tax return — were entitled to charge off as a loss for injury to a motorcar by reason of a collision in 1934. The car had been bought at some undisclosed time before 1934 for $1,825; on June 1st of that year it collided with another car and was so damaged that it was thereafter worth only $190; just before the collision it had been worth $225. The Commissioner allowed $35 as a loss — the difference between the value before the collision and after; the taxpayers claimed $1,635— the…