Chewning v. Commissioner
United States Tax Court
The petitioners in 1960 suffered a loss, not compensated for to any extent by insurance or otherwise, from the destruction by storm of boxwood bushes located at their personal residence.
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The petitioners in 1960 suffered a loss, not compensated for to any extent by insurance or otherwise, from the destruction by storm of boxwood bushes located at their personal residence. Held, that such loss is not deductible as an ordinary loss under section 165(c)(3) of the Internal Revenue Code of 1954, but must be applied, pursuant to the provisions of section 1231 of the Code, in reduction of the petitioners' gains from sales of property used in the petitioners' trade or business.
1Opinion of the Court
OPINION
Atkins, Judge:
The respondent determined a deficiency in income tax for the taxable year 1960 in the amount of $3,703. The petitioners having conceded one issue, the only remaining issue is whether a loss sustained as a result of the destruction, by a severe snowstorm, of boxwood bushes located on petitioners’ residential property, is deductible under section 165(c) (3) of the Internal Revenue Code of 1954 as an ordinary loss, as claimed by the petitioners, or must be applied, pursuant to section 1231(a) of the Code, in reduction of the gains from sales of property used in the…
Also in this document: Concurrence.
2Cases cited7 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- Draper v. CommissionerUnited States Tax Court · 1959
- Arthur B. Maurer and Mary E. Ford Maurer v. United StatesCourt of Appeals for the Tenth Circuit · 1960
- Continental Research, Inc. v. Cruttenden, Podesta & MillerDistrict Court, D. Minnesota · 1963
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3Cited by9 opinions
- Pennsylvania Power & Light Company and Subsidiary Companies v. The United StatesUnited States Court of Claims · 1969
- Pottharst v. Small Business AdministrationDistrict Court, E.D. Louisiana · 1971
- Margaret C. Morrison v. United StatesCourt of Appeals for the Sixth Circuit · 1966
- Thomas O. Campbell, and Mary F. Campbell v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1974
- E. Taylor Chewning and Caroline Chewning, Husband and Wife v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1966
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