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1.Locate a tax case that involves whether a neighbor of OJ Simpson can take a casualty...

1.Locate a tax case that involves whether a neighbor of OJ Simpson can take a casualty loss deduction. Provide the complete citation. What was the decision of the case?

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Answer #1

Answer:

CAAN v. U.S., Cite as 83 AFTR 2d 99-1640, Code Sec(s) 165, (DC CA), 02/26/1999

Case decision:

“Casualty loss deductions—decrease in property value—“buyer resistance.” O.J. Simpson's neighborswere denied casualty loss deduction for decrease in property's value due to double murders andsubsequent media frenzy: taxpayers didn't show that events caused physical damage to their property;“buyer resistance” alone was insufficient to establish loss; and fact that damage was due to past events,not fear of recurrence, was irrelevant.

Reference(s): ¶ 1655.3041(5)Code Sec. 165

Casualtylossdeduction

OPINION

United States District Court Central District of California.

Judge: KING, District Judge

8/31/2016

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