Piedmont-Mt. Airy Guano Co. v. Commissioner
United States Board of Tax Appeals
Use and occupancy is a property right inhering in the ownership of physical property and as such is the subject of insurance. When such physical property is destroyed by fire, that portion of the proceeds of use and occupancy insurance which is immediately used in replacing such property in a condition fit for use and occupancy may be deducted from the gain derived by such insurance, under the provisions of section 234(a)(14) of the Revenue Act of 1921.
1Opinion of the Court
*1012OPINION.
TRüssell:
The only question involved in this appeal is whether or not the amount received by the taxpayer under a policy of insurance on the use and occupancy of its plant, or any part of such amount, is taxable gain. It is contended by the Commissioner that the insurance in question was insurance against loss of profits and should be included in gross income in full, while the taxpayer contends that, although the insurance was carried as use and occupancy insurance, it was in fact nothing more than additional fire insurance on the plant, and that no taxable gain resulted.
That gain…
2Cases cited10 opinions
- Janneck v. Metropolitan Life InsuranceNew York Court of Appeals · 1900
- Matthews v. . American Central Ins. Co.New York Court of Appeals · 1897
- Michael v. Prussian National InsuranceNew York Court of Appeals · 1902
- Vann v. Edwards.Supreme Court of North Carolina · 1904
- Jaynes v. Omaha Street Railway Co.Nebraska Supreme Court · 1898
5 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- McCabe v. CommissionerUnited States Tax Court · 1970
- Shakertown Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1960
- Oppenheim's, Inc. v. KavanaghDistrict Court, E.D. Michigan · 1950
- Cotton Concentration Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Flaxlinum Insulating Co. v. CommissionerUnited States Board of Tax Appeals · 1926
3 more not listed; retrieve them via the Exa API.