- 12 - in the value of that asset on account of the flood. Trinity may not deduct a diminution in the value of undamaged property, even if that diminution is indirectly related to the damage caused to other property. See Thornton v. Commissioner, 47 T.C. 1, 6 (1966). Petitioner has not proven the diminution in value of the Property as a whole, let alone the diminution in value of any of the separate parts thereof.3 We hold for respondent. To the extent that petitioner argues for a contrary holding, we have considered all his arguments and, to the extent not discussed above, find them to be irrelevant or without merit. To reflect the foregoing, Decision will be entered for respondent. 3 In this regard, we are unpersuaded by the testimony of petitioner's expert on the diminution in the value of the Property as a whole. We are not required to adopt that testimony, Helvering v. National Grocery Co., 304 U.S. 282, 294- 295 (1938), and we do not.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12
Last modified: May 25, 2011