Wilmore S.S. Co. v. Commissioner
United States Board of Tax Appeals
In 1917 the petitioner's steamship was sunk by a German submarine, and during the same year the petitioner recovered proceeds of insurance in excess of the cost of the steamer, reporting in its return for that year the gain so derived. Petitioner took no steps toward replacement of the ship, to acquire control of a corporation owning such replacement ship, or to establish a replacement fund out of the insurance money.
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In 1917 the petitioner's steamship was sunk by a German submarine, and during the same year the petitioner recovered proceeds of insurance in excess of the cost of the steamer, reporting in its return for that year the gain so derived. Petitioner took no steps toward replacement of the ship, to acquire control of a corporation owning such replacement ship, or to establish a replacement fund out of the insurance money. In 1926 an award was made petitioner by the Mixed Claims Commission on account of the destruction of the ship. On June 30, 1928, and before any payment on account of the award,…
1Opinion of the Court
*867OPINION.
Van Fossan:
The respondent determined a deficiency of $113,-864.60 in petitioner’s tax for the year 1928. Of the errors alleged there remains only one — whether petitioner is taxable on certain sums received in 1928 on account of an award of the Mixed Claims Commission because of the sinking by a German submarine of a vessel owned by petitioner. The respondent on brief concedes that the amount originally determined was in error and that only amounts received in 1928 should be included. He also concedes the deducti-bility of the sum of $40,184.17 paid by petitioner in 1928 for legal…
2Cases cited2 opinions
- Bandes v. CommissionerUnited States Board of Tax Appeals · 1933
- Eastern Steamship Lines, Inc. v. CommissionerUnited States Board of Tax Appeals · 1929
3Cited by6 opinions
- S. H. Kress & Co. v. CommissionerUnited States Tax Court · 1963
- Christian Ganahl Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Kress v. CommissionerUnited States Tax Court · 1963
- S. H. Kress & Co. v. CommissionerUnited States Tax Court · 1963
- Washington R. & E. Co. v. CommissionerUnited States Board of Tax Appeals · 1939
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