Case Name: Martin Veneer Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1926-10-27
Citations: 5 B.T.A. 207
Docket Number: Docket No. 4769
Parties: Martin Veneer Company, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 5
Pages: 207–208

Head Matter:
Martin Veneer Company, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 4769.
Decided October 27, 1926.
William /S'. Pritchard, Esq., for the petitioner.
W. Frank Gibbs, Esq., for the respondent.

Opinion:
OPINION.
Trammell :
With respect to the loss by fire, the question is, When was the loss sustained? The fire started on the night of December 30, 1919, and there was some fire and smoke on the premises where the building stood after midnight of December 31, but at that time the building had been destroyed. What remained after that time was of no value. It is true that the exact amount of the loss was not ascertained because the insurance had not been adjusted. It is not material when the amount of the loss was ascertained.
On the question of the amount of the deduction allowable on account of the exhaustion, wear and tear of assets, the evidence introduced was not sufficient to overcome the presumption of the correctness of the determination of the Commissioner.
Judgment will he entered for the Oom-missioner.