Ward v. Clayton

Appellant’s only assignment of error is the signing and entering of the judgment sustaining the Commissioner of Revenue and dismissing the action.

G.S. 105-147 entitled “Deductions” provides:

“In computing net income there shall be allowed as deductions the following items: ... (9) Losses of such nature as designated below: . . . b. Losses of property not connected with a trade or business sustained in the income year if arising from fire, storm, shipwreck or other casualties or theft to the extent such losses are not compensated for by insurance or otherwise;”.

Unquestionably the statute…