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and Reform Act of 1998, Pub. L. 105-206, sec. 3309(b), 112 Stat. 745.
The old section 6404(h)(1) was not in effect in 1997 when
the President declared Hurricane Danny a disaster. Because
petitioners elected to claim losses from Hurricane Georges on
their 1997 return, the casualty from Hurricane Georges is treated
as having occurred in 1997. See sec. 165(i)(2). Although
Hurricane Georges was a Presidentially declared disaster in 1998,
the old section 6404(h)(1) does not apply to petitioners’ 1997
tax year at issue, which began before January 1, 1998. The
current section 6404(h)(1) grants the Court jurisdiction to
review the Commissioner’s failure to abate interest only under
subsections of section 6404. Because the old section 6404(h)(1)
was not in effect during petitioners’ tax year at issue, the
Court lacks jurisdiction to review petitioners’ claim for
abatement of interest.
We are unable to grant petitioners any abatement of interest
on their 1997 tax liability.
Issue 3. Casualty Losses
Background
On Schedule A, Itemized Deductions, of their 1997 return,
petitioners deducted total casualty losses of $526,833 assertedly
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