Williams Furniture Corp. v. Commissioner
United States Board of Tax Appeals
1. Petitioner's furniture plant was destroyed by fire in 1936 and petitioner collected certain amounts under use and occupancy insurance policies in addition to regular fire insurance, and it used the money thus collected in forthwith acquiring a new plant for carrying on the same business as before.
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1. Petitioner's furniture plant was destroyed by fire in 1936 and petitioner collected certain amounts under use and occupancy insurance policies in addition to regular fire insurance, and it used the money thus collected in forthwith acquiring a new plant for carrying on the same business as before. Held, since the use and occupancy insurance did not insure petitioner against the loss of net profits of the business, but was merely additional insurance on the destruction of the plant by fire of a certain amount per day multiplied by the number of days it would reasonably take to rebuild the…
1Opinion of the Court
WILLIAMS FURNITURE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Williams Furniture Corp. v. Commissioner
Docket No. 104191.
United States Board of Tax Appeals
45 B.T.A. 928; 1941 BTA LEXIS 1049;
December 9, 1941, Promulgated
1. Petitioner's furniture plant was destroyed by fire in 1936 and petitioner collected certain amounts under use and occupancy insurance policies in addition to regular fire insurance, and it used the money thus collected in forthwith acquiring a new plant for carrying on the same business as before. Held, since the use and occupancy insurance did…
2Cases cited2 opinions
- Piedmont-Mt. Airy Guano Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Williams Furniture Corp. v. CommissionerUnited States Board of Tax Appeals · 1941