Londagin v. Commissioner
United States Tax Court
Petitioners on their 1964 Federal income tax return claimed and were allowed a casualty loss deduction because of damage to their home in the "Good Friday" earthquake in Alaska on Mar. 27, 1964. At the time of the earthquake there were mortgages on petitioners' home which were paid off later with proceeds of an increased mortgage loan, the balance of which proceeds was used to partially repair the damage to petitioners' home.
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Petitioners on their 1964 Federal income tax return claimed and were allowed a casualty loss deduction because of damage to their home in the "Good Friday" earthquake in Alaska on Mar. 27, 1964. At the time of the earthquake there were mortgages on petitioners' home which were paid off later with proceeds of an increased mortgage loan, the balance of which proceeds was used to partially repair the damage to petitioners' home. Held, a payment in 1968 by the Alaska Mortgage Adjustment Agency made because of the damage to petitioners' home in the earthquake in partial reduction of petitioners'…
1Opinion of the Court
Scott, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for the calendar year 1968 in the amount of $1,679.09. The issue for decision is whether a payment in 1968 by the Alaska Mortgage Adjustment Agency to petitioners’ mortgagee for the reduction of the mortgage on petitioners’ home constitutes income in that year to petitioners to the extent that petitioners had received a tax benefit for an earthquake casualty loss deducted by them in a prior year.
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly. Herman E. and B. Maxine Londagin,…
2Cases cited11 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Dobson v. CommissionerSupreme Court of the United States · 1944
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Commissioner v. LoBueSupreme Court of the United States · 1956
6 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Montgomery v. CommissionerUnited States Tax Court · 1975
- Shanahan v. CommissionerUnited States Tax Court · 1974
- Birnbaum v. CommissionerUnited States Tax Court · 1978
- Holbrook v. CommissionerUnited States Tax Court · 1975
- Londagin v. CommissionerUnited States Tax Court · 1973
2 more not listed; retrieve them via the Exa API.