Pfalzgraf v. Commissioner
United States Tax Court
1. Petitioners' home was damaged by fire. They received insurance proceeds covering the costs of repairing their home to its prefire condition, and the necessary repairs were made. Petitioners nevertheless claimed a loss based on the difference between the fair market value of the home before the fire and the fair market value of the home after the fire in its burned-out condition.
Read the full summary
1. Petitioners' home was damaged by fire. They received insurance proceeds covering the costs of repairing their home to its prefire condition, and the necessary repairs were made. Petitioners nevertheless claimed a loss based on the difference between the fair market value of the home before the fire and the fair market value of the home after the fire in its burned-out condition. They introduced an economic report basing the fair market value of the home in its burned-out condition on what a hypothetical willing buyer would pay for the home in that condition. Held: Petitioners' method of…
1Opinion of the Court
Wilbur, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax in the amount of $2,544.24 for the taxable year 1972. The sole issue for our determination is the amount of loss petitioners sustained when their personal residence caught fire in 1972, which they are entitled to deduct under section 1651 as a casualty loss.
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
Petitioners are John R. Pfalzgraf, Jr., and Desiree R. Pfalzgraf, husband and wife, who resided in Tonawanda, N.Y., at the time the petition was filed in this case. Petitioners…
2Cases cited7 opinions
- Helvering v. OwensSupreme Court of the United States · 1939
- Millsap v. CommissionerUnited States Tax Court · 1966
- I. Hal Millsap, Jr., and Frances Millsap v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1968
- Cornelius v. CommissionerUnited States Tax Court · 1971
- Broido v. CommissionerUnited States Tax Court · 1961
2 more not listed; retrieve them via the Exa API.
3Cited by46 opinions
- Marcus v. CommissionerUnited States Tax Court · 1988
- Girgis v. CommissionerUnited States Tax Court · 1987
- Bick v. CommissionerUnited States Tax Court · 1978
- Doud v. CommissionerUnited States Tax Court · 1982
- Kalbfleisch v. CommissionerUnited States Tax Court · 1991
41 more not listed; retrieve them via the Exa API.