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Revenue Ruling 63-232

Internal Revenue Service
1963-2 Cum.Bull. 97 (1963)

Written by Nathan Benedict, JD

Facts

Revenue Ruling 59-277 held that termite damage could be deductible as a casualty loss if the damage was inflicted in a period of less than 15 months. However, an examination of the scientific data showed that termites almost never inflict substantial structural damage within the first two years of infestation. Under normal circumstances, extensive repairs are required only after an infestation of three to eight years. Even under extreme conditions, the infestation period is one to six years.

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Holding and Reasoning ()

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