Keefer v. Commissioner
United States Tax Court
Held, sec. 1.165-7(b)(2)(i), Income Tax Regs., relating to the computation of casualty losses incurred in a trade or business or in a transaction entered into for profit, is valid. Held, further, respondent's computation of casualty loss sustained.
1Opinion of the Court
Irwin, Judge:
Respondent determined deficiencies in petitioners’ income tax as follows:
Year Deficiency
1968_ $6,699
1969_ 8,436
Concessions having been made by both parties,1 the sole issue remaining for our determination is whether section 1.165-7(b)(2)(i), Income Tax Regs., relating to the computation of casualty losses incurred in a trade or business or in a transaction entered into for profit, is valid.
FINDINGS OF FACT
Most of the facts have been stipulated and these are found accordingly.
Petitioners Ray F. and Betty B. Keefer are husband and wife and resided in Tiburón, Calif., at the time of…
2Cases cited7 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Helvering v. OwensSupreme Court of the United States · 1939
- United States v. KoshlandCourt of Appeals for the Ninth Circuit · 1954
- Alcoma Association, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1956
- Fred and Irene Rosenthal v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1969
2 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Keefer v. CommissionerUnited States Tax Court · 1975
- Sleiman v. Comr. of IRSCourt of Appeals for the Eleventh Circuit · 1999
- Sleiman v. Comr. of IRSCourt of Appeals for the Eleventh Circuit · 1999
- Young v. CommissionerUnited States Tax Court · 1977