Ford v. Commissioner
United States Tax Court
A stairway and portion of a seawall at the petitioners' beach-front residence were destroyed to the extent of $300 during a servere winter storm Held: The petitioners are entitled to deduct only the amount of loss suffered which is due to actual physical damage and not that portion of the decline in market value of the property which is attributable to buyer resistance because of the fear of possible recurrence of similar storms.
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A stairway and portion of a seawall at the petitioners' beach-front residence were destroyed to the extent of $300 during a servere winter storm Held: The petitioners are entitled to deduct only the amount of loss suffered which is due to actual physical damage and not that portion of the decline in market value of the property which is attributable to buyer resistance because of the fear of possible recurrence of similar storms. Held further: There is no estoppel against the respondent in the instant case.
1Opinion of the Court
LEWIS F. and PRUDENCE FORD, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Ford v. Commissioner
Docket No. 4201-72
United States Tax Court
T.C. Memo 1974-101; 1974 Tax Ct. Memo LEXIS 218; 33 T.C.M. (CCH) 496; T.C.M. (RIA) 74101;
April 23, 1974, Filed.
A stairway and portion of a seawall at the petitioners' beach-front residence were destroyed to the extent of $300 during a servere winter storm Held: The petitioners are entitled to deduct only the amount of loss suffered which is due to actual physical damage and not that portion of the decline in market value of the property which is…
2Cases cited7 opinions
- Green v. CommissionerUnited States Tax Court · 1972
- Austin Clapp, Gloria Clapp, Stuart P. Clapp, and Virginia M. Clapp v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Squirt Co. v. CommissionerUnited States Tax Court · 1969
- The Squirt Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1970
- Thornton v. CommissionerUnited States Tax Court · 1966
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
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