Case: Sale of Home Doesn’t Create Casualty Loss (4th Cir.) (IRC §165)

The Tax Court did not err in rejecting taxpayers’ 2011 casualty loss deduction under tax code Section 165(c) for economic losses arising from the sale of taxpayer’s personal residence in 2005, the Fourth Circuit Court of Appeals held. Further, the court held that the Tax Court did not err in upholding the IRS’s proposed levy action or in denying taxpayers’ motions for consideration. [Shuman v. Commissioner, No. 18-2426 (4th Cir. Aug. 15, 2019) (unpub. op.)]

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