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Full-Text Articles in Law
Miller V. Commissioner: Deductibility Of Casualty Losses After Voluntary Election Not To File An Insurance Claim, Stephen J. Dunn, Robert H. Kurnick, Matthew J. Barrett
Miller V. Commissioner: Deductibility Of Casualty Losses After Voluntary Election Not To File An Insurance Claim, Stephen J. Dunn, Robert H. Kurnick, Matthew J. Barrett
Journal Articles
Taxpayers who suffer casualty losses may decide, for a variety of reasons, not to file an insurance claim for recovery of those losses. Section 165 of the Internal Revenue Code of 1954 allows a deduction for “any loss sustained during the taxable year and not compensated for by insurance or otherwise.”' Consequently, the question arises whether a taxpayer may claim a casualty loss deduction even though the taxpayer did not seek insurance reimbursement for the loss. In Miller v. Commissioner, the United States Court of Appeals for the Sixth Circuit, in a 6-5 en banc decision, expressly overruled its previous …
Appreciation Under The Casualty Loss, Alan L. Feld
Appreciation Under The Casualty Loss, Alan L. Feld
Faculty Scholarship
According to the author, who asserts that the regulations allow an overly generous casualty loss deduction for partial losses on appreciated property, untaxed gain in the form of unrealized appreciation should be taken into account when determining a partial loss.