Hills v. Commissioner
United States Tax Court
Petitioners' house was burglarized in 1976 for the fourth time in an 8-year period, and various items of personal property were stolen. Petitioners did not file what would have been their fourth claim under their existing policy since they feared that the policy would not be renewed. A theft loss was claimed by petitioners on their 1976 return.
Read the full summary
Petitioners' house was burglarized in 1976 for the fourth time in an 8-year period, and various items of personal property were stolen. Petitioners did not file what would have been their fourth claim under their existing policy since they feared that the policy would not be renewed. A theft loss was claimed by petitioners on their 1976 return. Held, petitioners' loss was not "compensated for by insurance," and they are accordingly entitled to a theft loss deduction under sec. 165(a), I.R.C. 1954. Axelrod v. Commissioner, 56 T.C. 248(1971), distinguished.
1Opinion of the Court
OPINION
Nims, Judge:
Respondent determined a deficiency of $190 in petitioners’ income tax for the taxable year 1976. Concessions having been made, the issue for decision is whether petitioners are entitled to a deduction for a theft loss under section 165(c)(3).1
All of the facts have been stipulated. The stipulation and attached exhibits are incorporated herein by reference.
At the time the petition in this case was filed, petitioners resided in Atlanta, Ga.
On November 19, 1960, petitioners purchased a parcel of property in Lumpkin County, Ga. This property fronts on a lake in a rural wooded…
2Cases cited8 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
- Axelrod v. CommissionerUnited States Tax Court · 1971
- Kentucky Utilities Co. v. GlennCourt of Appeals for the Sixth Circuit · 1968
3 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Henry L. And Frances O. Hills v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1982
- Dixon F. Miller v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1984
- Concord Instruments Corp. v. CommissionerUnited States Tax Court · 1994
- Ambrose v. United StatesUnited States Court of Federal Claims · 2012
- Miller v. CommissionerUnited States Tax Court · 1981
11 more not listed; retrieve them via the Exa API.