Brooks v. Commissioner
United States Board of Tax Appeals
1. In computing loss from the destruction of a residence by fire the cost thereof should not be reduced by the depreciation sustained in the years during which it was used as a residence. 2. Property was purchased as a residence in 1896 and so held until 1910 or 1911 from which time it was abandoned as a residence and rented and held for sale until sold in 1919 at a price less than the fair market value in 1910 or 1911 or the fair market value on March 1, 1913. The fair…
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1. In computing loss from the destruction of a residence by fire the cost thereof should not be reduced by the depreciation sustained in the years during which it was used as a residence. 2. Property was purchased as a residence in 1896 and so held until 1910 or 1911 from which time it was abandoned as a residence and rented and held for sale until sold in 1919 at a price less than the fair market value in 1910 or 1911 or the fair market value on March 1, 1913. The fair market value in 1910 of 1911 was not less than the fair market value on March 1, 1913. Held, that a deductible loss was…
1Opinion of the Court
*33OPINION.
Littleton :
Petitioner' claims that the Commissioner erred (1) in refusing to allow a loss on the destruction of petitioner’s Green Spring Valley residence by fire; (2) in refusing to allow a loss on the sale of a residence property in Baltimore; and (3) in determining that certain dividends declared on stock owned by petitioner constituted taxable income to petitioner.
Petitioner’s claim for a loss by reason of the fire was based primarily on the March 1, 1913, value of the property destroyed and considerable evidence was introduced in an effort to sustain a valuation of $60,000 for…
2Cases cited3 opinions
- United States v. LudeySupreme Court of the United States · 1927
- United States v. FlannerySupreme Court of the United States · 1925
- Heiner v. TindleSupreme Court of the United States · 1928
3Cited by10 opinions
- Roberts v. CommissionerUnited States Tax Court · 1974
- Grant v. CommissionerUnited States Board of Tax Appeals · 1934
- O'Rear v. CommissionerUnited States Board of Tax Appeals · 1933
- AL Carter Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1944
- Belden v. CommissionerUnited States Board of Tax Appeals · 1934
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