Katz v. Commissioner
United States Tax Court
In 1970, petitioners purchased a home in New Orleans that had been built on a "floating slab" foundation in 1959. During mid-1974, a "hairline fracture" appeared in the structure of the building as a result of soil subsidence. Casualty loss deductions were claimed in 1975 and 1976 for repairs undertaken during those years.
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In 1970, petitioners purchased a home in New Orleans that had been built on a "floating slab" foundation in 1959. During mid-1974, a "hairline fracture" appeared in the structure of the building as a result of soil subsidence. Casualty loss deductions were claimed in 1975 and 1976 for repairs undertaken during those years. Held, the full extent of the damage, incurred as a result of the alleged casualty, was fixed and ascertainable in 1974. Accordingly, no casualty loss arising therefrom is deductible in 1975 or 1976.
1Opinion of the Court
JOSEPH T. KATZ and DOROTHY KATZ, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Katz v. Commissioner
Docket No. 2858-79.
United States Tax Court
T.C. Memo 1983-8; 1983 Tax Ct. Memo LEXIS 780; 45 T.C.M. (CCH) 473; T.C.M. (RIA) 83008;
January 5, 1983.
In 1970, petitioners purchased a home in New Orleans that had been built on a "floating slab" foundation in 1959. During mid-1974, a "hairline fracture" appeared in the structure of the building as a result of soil subsidence. Casualty loss deductions were claimed in 1975 and 1976 for repairs undertaken during those years. Held, the full…
2Cases cited4 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Hunter v. CommissionerUnited States Tax Court · 1966
- Kunsman v. CommissionerUnited States Tax Court · 1967
- United States v. BarretCourt of Appeals for the Fifth Circuit · 1953