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Page 8 · column 5 of 9 · from the scan, no model involved
of Section 165. Taxpayer K’s house and acreage originally cost $9,000 in 1950. During the August flood the roadway and small wooden bridge leading to his house from' the state road were washed out, his tool'shed was demolished, and K calculates' that $500 worth of garden tools and equipment was lost.
K collected $400 from his insurance company for ' the loss of the tools and equipment, but was not insured for the loss of 'the shed or1 the damage to' the driveway and bridge. K rebuilds the bridge and driveway to its pre-existing condition at a cost of $2,500.
Then the October snowstorm breaks all the limbs off the 100-year-old maple trees in K’s yard. A local real estate appraiser determines that the fairmarket value of K’s home before' the flood was $60,000, and after the flood is $57,500 without' the tool' shed. The appraiser further determines
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