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The issue for decision is whether petitioner is entitled to
a casualty loss deduction of $35,410 for damage to his personal
property and residence due to a flood.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference. Petitioner resided in
Chicago, Illinois, on the date the petition was filed in this
case.
During 2001, petitioner lived in a three-story townhouse
located at 1130 East 81st Street, Townhouse D, Chicago, Illinois.
On or about August 2, 2001, a severe 3-hour thunderstorm dumped
up to 4 inches of rain on a 30-mile corridor from Lake County,
south through Cook County, and on to Kankakee. According to news
articles, at its peak the storm dumped billions of gallons of
water on the area. The flash flooding caused by the thunderstorm
damaged thousands of homes. Governor George Ryan declared the
area a State disaster area. Damage from the torrential rain shut
down expressways and Chicago Transit Authority trains. The
resulting runoff overwhelmed the city’s combined storm and sewer
systems causing sewer backup flooding.
When petitioner returned home from work he discovered that a
part of his basement had flooded. Petitioner estimated that the
water in his basement was approximately 3� to 4 feet deep.
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