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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.
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