- 7 -
As petitioner has offered no other evidence with respect to this
issue, we sustain respondent's determination.
3. Casualty Loss
In 1991, petitioner moved from New Jersey to Clearwater,
Florida and contracted with East Bergen Moving Co. (East Bergen)
to move his personal belongings. A dispute arose between
petitioner and East Bergen concerning the amount charged for the
move. Petitioner contended that East Bergen had quoted a price
of $550, while East Bergen charged petitioner $1,498.89.
Petitioner refused to pay the bill, and East Bergen stored the
property in Florida with A Atlantic Coast Moving & Storage Co. (A
Atlantic), where it had remained up to the date of trial.
Petitioner admitted that there was a possibility that he may
recover his property. On his 1991 return, petitioner claimed a
casualty loss in the amount of $6,500.6 In his pretrial
memorandum, petitioner also refers to the loss as a "theft".
Other than the amounts indicated on petitioner's return, there is
no evidence in the record concerning his cost basis in the
property or its fair market value.
Section 165 provides that individual taxpayers may deduct
certain losses, including losses resulting from casualty or
theft, sustained during the taxable year and not compensated by
6 Although petitioner reported a casualty loss in the
amount of $6,500 on his return, his concession regarding Schedule
C income has reduced the amount in dispute to $6,490. See supra
note 2.
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