- 4 -
cost basis of $20,000, a fair market value before the casualty or
theft of $13,000, and a fair market value after the casualty or
theft of $2,000.
Petitioner filed a report of a stolen vehicle on February
10, 2001, with the Phoenix Police Department. The report
includes, along with other information, a valuation of the truck
at $1,000 and states that the truck had been driven approximately
150,000 miles by the date of the theft. Other notations in the
report indicate that there was a toolbox in the rear of the truck
and that the vehicle was insured by “Allstate”.
According to a supplemental police report on the incident,
petitioners’ truck was recovered on February 12, 2001. In
addition to repeating much of the information recorded in the
original report, the supplemental report states that “The vehicle
was stopped by the Border Patrol at the Sunsites Texaco Fuel
Station. The vehicle has extensive damage to the exterior and
interior. There was no toolbox in the bed of the truck.”
The Certificate of Title for the truck indicates that the
“Factory List Price” was $13,065, and that title was transferred
to petitioner on June 14, 1994, with an odometer reading of
51,023 miles. Judging from other information in the Certificate
of Title, petitioner is the third owner of the truck. A copy of
the Cochise County Sheriff’s Department Vehicle Removal Report
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011