Jasko v. Commissioner
United States Tax Court
Ps' principal residence was destroyed by fire. They recovered insurance proceeds based on replacement cost, resulting in a gain. Ps incurred legal fees in obtaining recovery of those proceeds and claimed a deduction for the amount of those fees paid during the taxable year.
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Ps' principal residence was destroyed by fire. They recovered insurance proceeds based on replacement cost, resulting in a gain. Ps incurred legal fees in obtaining recovery of those proceeds and claimed a deduction for the amount of those fees paid during the taxable year. Ps assert that the insurance policy was held for the production of income so that the deduction is allowable under sec. 212(1), I.R.C.Held, under the origin of claim doctrine, Ps' residence was the source of their gain and the legal fees represented capital expenditures constituting a reduction in their gain and not…
1Opinion of the Court
IVAN A. JASKO AND JUDITH L. JASKO, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Jasko v. Commissioner
Docket No. 5553-95.
United States Tax Court
107 T.C. 30; 1996 U.S. Tax Ct. LEXIS 34; 107 T.C. No. 3;
August 20, 1996, Filed
Decision will be entered for respondent.
Ps' principal residence was destroyed by fire. They recovered insurance proceeds based on replacement cost, resulting in a gain. Ps incurred legal fees in obtaining recovery of those proceeds and claimed a deduction for the amount of those fees paid during the taxable year. Ps assert that the insurance policy was held for…
2Cases cited15 opinions
- Neely v. CommissionerUnited States Tax Court · 1985
- United States v. GilmoreSupreme Court of the United States · 1963
- Woodward v. CommissionerSupreme Court of the United States · 1970
- United States v. Hilton Hotels Corp.Supreme Court of the United States · 1970
- Central Tablet Manufacturing Co. v. United StatesSupreme Court of the United States · 1974
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