J. G. Boswell Co. v. Commissioner
United States Tax Court
Where a flood inundated petitioner's land, and petitioner, in addition to the deduction of the cost of repairing physical damage to the land, which was allowed by the Commissioner, seeks a deduction on account of loss of profits, additions of undesirable salts to the land, and a "possible" reduction in cotton acreage allotments, held, the elements of the alleged loss set forth by petitioner form no basis for a loss deduction.
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Where a flood inundated petitioner's land, and petitioner, in addition to the deduction of the cost of repairing physical damage to the land, which was allowed by the Commissioner, seeks a deduction on account of loss of profits, additions of undesirable salts to the land, and a "possible" reduction in cotton acreage allotments, held, the elements of the alleged loss set forth by petitioner form no basis for a loss deduction. Held, further, petitioner is not entitled to deduct an amount representing a mere fluctuation in the value of the farmlands.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The sole issue is whether Boswell sustained a loss in the fiscal year ended June 30, 1952, by reason of the inundation of its ranches, and whether Tulare sustained a loss in the fiscal year ended March 31, 1953, for the same reason, within the meaning of section 23(f) of the Internal Revenue Code of 1939.4
Petitioner argues that it sustained a loss in the total amount of $1,695,619.06. Of this amount, $704,940.20 was attributed to the Boswell lands and claimed as a loss for the fiscal year ended June 30, 1952. The balance was Tulare land and the loss is claimed for…
2Cases cited6 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- Pugh v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1931
- The Citizens Bank of Weston v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Citizens Bank of Weston v. CommissionerUnited States Tax Court · 1957
- Peterson v. CommissionerUnited States Tax Court · 1958
1 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Thompson v. CommissionerUnited States Tax Court · 1976
- Squirt Co. v. CommissionerUnited States Tax Court · 1969
- J. G. Boswell Company and J. G. Boswell Company (Successor by Merger to Tulare Lake Land Company) v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
- Thornton v. CommissionerUnited States Tax Court · 1966
- Westvaco Corp. v. United StatesUnited States Court of Claims · 1980
15 more not listed; retrieve them via the Exa API.