Taxable Revenue and Claiming the Deduction Case Study - Law Assignment Help

Assignment Task

I arranged the house insurance with an insurance company for my house which I purchasedbefore six months in month of March, 2017. The insurance company rejected my claim dueto the circumstances in which my house caught the fire. I brought the fire extinguisher tomake my job easy but due to natural wind flow the fire accident had occurred andconsumed both my and my neighbor’s house. However my neighbor’s house is covered byinsurance and he get the amount for his losses but my claim for amount of loss is neitheraccepted by the insurance company nor by the tax authorities. I was told by the tax authorities that they would not consider my loss for the casualty loss for section 165(c) because the fire was occurred due to my negligence. As per the provisions provided in I.R.C. 165(c ) a loss of property for individual is allowed if it arise from fire, storm, shipwreck or other casualty. As my loss is also covered under this clause of provision, I want to take the benefit of such deduction from my gross taxable income.

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