Tax Memo

Other Agency Materials Rev. Rul. 69-88 Rev. Rul. 69-88, 1969-1 CB 58 January 1, 1969

Section 165.—Losses

26 CFR 1.165-7: Casualty losses.

The loss incurred when a taxpayer's personal automobile unexpectedly fell through the ice while he was ice fishing is a casualty loss. The taxpayer's personal automobile was parked on the ice over a frozen lake while he was ice fishing. Unexpectedly, the ice gave away and the automobile sank to the bottom of the lake. The automobile was a total loss and was not insured. Held, the loss of the automobile is a casualty loss for the purpose of claiming a deduction in accordance with section 165 of the Internal Revenue Code of 1954.

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