Broido v. Commissioner
United States Tax Court
1. In 1949, the area in which petitioner's summer residence was located experienced a severe drought. Held, that petitioner has failed to show that he sustained a loss therefrom, and it is unnecessary to decide whether the drought so experienced was a casualty within the meaning of section 23(e)(3) of the Internal Revenue Code of 1939. 2. On his 1949 income tax return, petitioner deducted $ 5,768.14 as a nonbusiness bad debt under section 23(k)(4) of the 1939 Code, which…
Read the full summary
1. In 1949, the area in which petitioner's summer residence was located experienced a severe drought. Held, that petitioner has failed to show that he sustained a loss therefrom, and it is unnecessary to decide whether the drought so experienced was a casualty within the meaning of section 23(e)(3) of the Internal Revenue Code of 1939. 2. On his 1949 income tax return, petitioner deducted $ 5,768.14 as a nonbusiness bad debt under section 23(k)(4) of the 1939 Code, which amount was the face amount of a demand note, dated October 14, 1929, which he had received from his brother in part payment…
1Opinion of the Court
OPINION.
Turner, Judge:
In section 23(e) (3) of the Internal Revenue Code of 1939,3 provision is made for the deduction of losses of property not connected with the taxpayer’s trade or business, where the loss arises from fire, storm, shipwreck, “or other casualty.”
The record shows that in 1949 there was a severe drought in the State of Connecticut, including the area in which petitioner’s property was located. It is the contention of petitioner that the drought so experienced was a casualty within the meaning of section 23(e)(3), and that he sustained a loss of property arising therefrom.
In…
2Cases cited18 opinions
- Helvering v. OwensSupreme Court of the United States · 1939
- Fay v. HelveringCourt of Appeals for the Second Circuit · 1941
- Matheson v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1931
- United States v. RogersCourt of Appeals for the Ninth Circuit · 1941
- Rosenberg v. Commisssioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1952
13 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Pfalzgraf v. CommissionerUnited States Tax Court · 1977
- Farber v. CommissionerUnited States Tax Court · 1972
- William C. Dosher v. United States of America (Internal Revenue Service)Court of Appeals for the Fifth Circuit · 1984
- Pryor v. CommissionerUnited States Tax Court · 1987
- Dubin v. CommissionerUnited States Tax Court · 1976
12 more not listed; retrieve them via the Exa API.