- 11 -
and find that petitioners are entitled to a casualty loss
deduction for 1995 computed as follows:
Fair market value of personal property
listed on inventory, plus fair market
value of personal property not listed
on inventory, (values before fire) $56,273.17
Fair market value of personal property
after fire - 0 -
Less insurance reimbursement 45,732.06
Less $100 (sec. 165(h)(1)) 100.00
Less 10% of AGI (sec. 165(h)(2)) 4,280.00
Allowable casualty loss deduction 6,161.11
Reviewed and adopted as the report of the Small Tax Case
Division.
Based on the foregoing,
Decision will be
entered under Rule 155.
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Last modified: May 25, 2011