- -9
sent to petitioners covering 1990 and 1991, respondent disallowed
the $81,643 casualty loss carryover deduction claimed by
petitioners on their 1990 return, stating that they had not
established that they were entitled to a casualty loss carryover
for that year.
B. Flood Damage to Home, Contents, Lawn, and Driveway in
1991
During or after 1990, petitioners increased the size of
their home again, adding what they refer to as the "east wing".
This brought the total area of their home to 10,000 square feet.
In February and April 1991, petitioners experienced flooding
at their home. The February flood caused damage to their home,
its contents, their lawn, and their driveway. The April flood
caused damage to their home and its contents. At the time of
both floods, petitioners had flood insurance covering their home
and its contents through American Bankers Insurance Co. (ABIC).
Petitioners also had flood insurance covering their home and its
contents through the National Flood Insurance Program (NFIP).
Neither the ABIC flood insurance policy nor the NFIP flood
insurance policy covered the flood damage to petitioners' lawn
and driveway.
Petitioners had homeowners' insurance coverage provided by
Grain Dealers Mutual Insurance Co. and National Farmers Union
Standard Insurance Co., but neither of these insurance companies
provided insurance coverage for flood damage. They also had
homeowners' insurance coverage provided by Kemper Insurance Co.
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Last modified: May 25, 2011