- 2 - for 1995. The only issue1 for decision is whether, under section 165,2 the decedent and Mrs. Boyle properly deducted a casualty loss of $173,833 on their Federal income tax return for 1995. FINDINGS OF FACT The facts of this case have been fully stipulated pursuant to Rule 122. We incorporate the stipulation of facts into our findings by this reference. Petitioners are the Estate of James W. Boyle, Deceased, Mrs. Boyle and James H. Case, Co-Personal Representatives, and Mrs. Boyle, the surviving spouse of decedent. Decedent, who died on October 24, 1998, and Mrs. Boyle (together, the Boyles) were husband and wife during 1995 and timely filed a joint Federal income tax return for 1995. Mrs. Boyle and James H. Case are the duly appointed personal representatives of decedent’s estate. Petitioners resided in Honolulu, Hawaii, on the date the petition was filed. In June 1979, the Boyles purchased a commercial warehouse building (old warehouse) located in Honolulu, Hawaii. The Boyles owned the old warehouse as joint tenants at all relevant times. Their cost basis in the old warehouse as of June 1979 was 1 The only other issues raised in the notice of deficiency are computational or were conceded by petitioners. 2 All section references are to the Internal Revenue Code in effect for the year in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure. Monetary amounts are rounded to the nearest dollar.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
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