Cole v. Comr., T.C. Sum. Op. 2013-34

(petitioner bought Mercedes in 2001 and wrecked it in 2007; petitioner received $15,376 in insurance proceeds for total loss of car; petitioner claimed casualty loss deduction but did not establish basis in car at time of damage or car's FMV; IRS presumed adjusted basis was zero - precluding any casualty loss deduction).