- 4 -
Line A6. Fair market value after casualty or theft0
Line A7. Subtract line 6 from line 5 11,900
Line A8. Enter the smaller of line 2 or line 711,900
Line A9. Subtract line 3 from line 8 11,900
Property Description Electronics, tools, software,
computer
Line A2. Cost or other basis of each property$11,800
Line A3. Insurance or other reimbursement 0
Line A5. Fair market value before casualty or theft 10,200
Line A6. Fair market value after casualty or theft0
Line A7. Subtract line 6 from line 5 10,200
Line A8. Enter the smaller of line 2 or line 710,200
Line A9. Subtract line 3 from line 8 10,200
Property Description Appliance 06-19-00
Line A2. Cost or other basis of each property$5,700
Line A3. Insurance or other reimbursement 0
Line A5. Fair market value before casualty or theft 5,700
Line A6. Fair market value after casualty or theft0
Line A7. Subtract line 6 from line 5 5,700
Line A8. Enter the smaller of line 2 or line 75,700
Line A9. Subtract line 3 from line 8 5,700
Line A10D. Casualty or theft loss $40,400
Line A11D. The smaller of line 10 or $100 100
Line A12D. Subtract line 11 from line 10 40,300
Line A13D. Add the amounts on line 12 of all
Forms 4684 40,300
Line A14D. Add the amounts on line 4 of all
Forms 4684 0
Line A16D. If line 14 is less than line 13, enter
the difference. 40,300
Line A17D. Enter 10% of your adjusted gross income
from Form 1040, line 37. 4,890
Line A18D. Total personal property loss amount$35,410
On January 28, 2004, respondent issued petitioner a notice
of deficiency for taxable year 2001. In the notice of
deficiency, respondent disallowed petitioner’s claimed casualty
loss deduction and determined petitioner was liable for a tax
deficiency in the amount of $6,361.
OPINION
As a general rule, the determinations of the Commissioner in
a notice of deficiency are presumed correct, and the taxpayer
bears the burden of proving the Commissioner’s determinations in
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011