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Question

when Joe and Sarah were cleaning their apartment, Joe picked up a crumpled tissue from the counter and flushed it down the toilet. He found out later that it was Sarah's wedding ring. The ring had a basis of $25,000 and was worth $35,000 when was flushed. Can this couple claim a casualty loss deduction on the ring?

Submitted: 741 days and 13 hours ago.
Category: Tax
Value: $15
Status: AWAITING CUSTOMER ACTION
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sunnyvale, California

Answer

In a word, "yes".

This scenario is of sufficient general interest that it has a separate Wikipedia entry.

http://en.wikipedia.org/wiki/Carpenter_v._commissioner

The Carpenter case is included in this law school outline, among others:

http://72.14.253.104/search?q=cache:IZrh_qJPOz0J:www.law.nyu.edu/studentorgs/sba/outlines/upperlevel/incometax/Kurtz_s94.doc+casualty+loss+ring+down+drain&hl=en&ct=clnk&cd=14&gl=us&client=firefox-a

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Expert: The Guy Behind the Tree
Pos. Feedback: 99.3 %
Accepts: 
Answered: 11/11/2007

Experienced Investor & Financier

Don't tax you, don't tax me, tax the guy behind the tree.

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