T.C. Memo. 1996-202
UNITED STATES TAX COURT
GARY L. LONSINGER AND NANCY L. LONSINGER, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 13729-94. Filed April 25, 1996.
In 1989, Ps' boat, the PEDRO, partially sank as a
result of an underwater valve explosion causing three
feet of salt water to enter the steel hull. In the
following year, Ps received a reimbursement from their
insurance company, but claim that they suffered a
casualty loss in excess of the amount for which they
were reimbursed. Held: Ps have not established their
entitlement to a casualty loss deduction under sec.
165(a), (h), I.R.C.
Gary L. Lonsinger and Nancy L. Lonsinger, pro se.
Louise R. Forbes, for respondent.
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