Grant v. Commissioner
United States Board of Tax Appeals
1. Held, upon the evidence, that an extensive deep sinking of land caused by a subterranean disturbance is a casualty within the meaning of section 214(a)(6) of the Revenue Act of 1926. 2. The difference between the values of the property before and after the casualty constitutes the loss due to the casualty; the basis for the deduction of this loss is the cost of the property (sec. 204(a) and sec. 214(a)(6), Revenue Act of 1926) and, proportionately, this difference is to…
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1. Held, upon the evidence, that an extensive deep sinking of land caused by a subterranean disturbance is a casualty within the meaning of section 214(a)(6) of the Revenue Act of 1926. 2. The difference between the values of the property before and after the casualty constitutes the loss due to the casualty; the basis for the deduction of this loss is the cost of the property (sec. 204(a) and sec. 214(a)(6), Revenue Act of 1926) and, proportionately, this difference is to the whole of the value before the casualty as the amount of the deductible loss is to the whole of the cost. 3. Land and…
1Opinion of the Court
HARRY JOHNSTON GRANT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Grant v. Commissioner
Docket No. 51794.
United States Board of Tax Appeals
30 B.T.A. 1028; 1934 BTA LEXIS 1233;
June 26, 1934, Promulgated
1. Held, upon the evidence, that an extensive deep sinking of land caused by a subterranean disturbance is a casualty within the meaning of section 214(a)(6) of the Revenue Act of 1926.
2. The difference between the values of the property before and after the casualty constitutes the loss due to the casualty; the basis for the deduction of this loss is the cost of the property…
2Cases cited22 opinions
- Mason v. United StatesSupreme Court of the United States · 1923
- Chicago, St. Louis & New Orleans Railroad v. Pullman Southern Car Co.Supreme Court of the United States · 1891
- Prussian v. United StatesSupreme Court of the United States · 1931
- United States v. MescallSupreme Court of the United States · 1909
- Grant v. CommissionerUnited States Board of Tax Appeals · 1934
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