Bliss v. Commissioner
United States Tax Court
A storm damaged property in which petitioner had a legal life estate. The cost of removing the debris was $ 1,341.56, and the remaining damage to the property was $ 30,000. Held, the Commissioner erred in failing to allow petitioner to deduct any portion of the $ 30,000. Held, further, petitioner is not entitled to deduct the full amount thereof; she is entitled to deduct a portion thereof allocable to her life estate.
1Opinion of the Court
OPINION.
Baum, Judge:
The Commissioner determined a deficiency in income tax for 1950 in the amont of $36,718.45. Only one adjustment is now in controversy. At issue is the amount allowable to petitioner as a deduction for casualty loss sustained by reason of damage to property caused by a windstorm. Sec. 23 (e) (3), I. B. C. 1939. The facts have been stipulated.
Petitioner was born October 7, 1870. Her husband died in 1924. He devised to her a legal life estate in a residence and farm known as Wendover located in Morris and Somerset Counties, New Jersey. The remainder was devised to executors…
2Cases cited1 opinion
- Helvering v. OwensSupreme Court of the United States · 1939
3Cited by7 opinions
- Carloate Industries, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1966
- Steinert v. CommissionerUnited States Tax Court · 1959
- FRYER v. COMMISSIONERUnited States Tax Court · 1974
- Bliss v. CommissionerUnited States Tax Court · 1957
- Miller v. CommissionerUnited States Tax Court · 1975
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