Smith v. Commissioner
United States Tax Court
Held: 1. Urban renewal agency's payment of precasualty value for property destroyed by flood, acquired after the flood pursuant to the Relocation Act of 1970, Pub. L. 91-646, constitutes compensation "by insurance or otherwise" within the meaning of section 165(a), I.R.C. 1954. 2. Deductions in excess of amounts conceded by respondent for gasoline taxes and interest paid denied.
1Opinion of the Court
Paul J. and Thelma E. Smith, Petitioners v. Commissioner of Internal Revenue, Respondent
Smith v. Commissioner
Docket No. 1043-76
United States Tax Court
76 T.C. 459; 1981 U.S. Tax Ct. LEXIS 154;
March 26, 1981, Filed
Decision will be entered under Rule 155.
Held:
1. Urban renewal agency's payment of precasualty value for property destroyed by flood, acquired after the flood pursuant to the Relocation Act of 1970, Pub. L. 91-646, constitutes compensation "by insurance or otherwise" within the meaning of section 165(a), I.R.C. 1954.
2. Deductions in excess of amounts conceded by respondent for gasoline…
2Cases cited4 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Shanahan v. CommissionerUnited States Tax Court · 1974
- Estate of Bryan v. CommissionerUnited States Tax Court · 1980
- Smith v. CommissionerUnited States Tax Court · 1981