Gary L. Lonsinger and Nancy L. Lonsinger - Page 1

                                 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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