Draper v. Commissioner

OPINION.

Van Fossan, Judge:

The respondent determined a deficiency of $932.83 in income tax for the year 1944. Certain issues were conceded by petitioners, leaving for our consideration the question whether petitioners are entitled to a deduction because of a casualty loss by fire.

While petitioners’ daughter was a student at Smith College, a fire occurred in the dormitory where she ivas living, resulting in a loss of jewelry and clothing of a reasonable cost or value at tjie time of loss of $2,251. Petitioners collected $500 as insurance and claimed the remaining net amount of $1,751 in their…