Trinity Meadows Raceway, Inc., Jack M. Lenavitt, A Person Other Than The Tax Matters Person - Page 11

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          flood was such a casualty.  See also Ferguson v. Commissioner,              
          23 B.T.A. 364 (1931), remanded on other grounds 59 F.2d 893 (10th           
          Cir. 1932).  See generally Rev. Rul. 76-134, 1976-1 C.B. 54.  The           
          parties generally lock horns on the adjusted basis of each                  
          single, identifiable property that was damaged by the flood and             
          the value of each of these assets both before and after the                 
          flood.                                                                      
               Turning first to the need to identify each separate piece of           
          property damaged by the flood, we find that the record does not             
          allow us to do so.  Although petitioner presented an expert at              
          trial who testified on the amount of the casualty loss that the             
          Property suffered as a whole, the expert did not identify each              
          separate piece of property that he believed suffered a loss.                
          The need to know each piece of property damaged by the flood is             
          essential to our determination because Trinity's deduction of any           
          loss caused by the flood's damage or destruction of property is             
          limited by that property's adjusted basis.  Carloate Indus., Inc.           
          v. United States, supra at 817; see also United States v.                   
          Koshland, 208 F.2d 636, 639-640 (9th Cir. 1953); Keefer v.                  
          Commissioner, 63 T.C. 596 (1975).                                           
               Nor can we determine the basis or diminution in value of any           
          single, identifiable property.  The regulations require that                
          petitioner identify each separate piece of property not only to             
          isolate the basis in that asset, but to determine the diminution            





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