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This Article examines the effects that the consumption and loss of personal property' should have upon the determination of taxable income. The provisions of the Internal Revenue Code material to this inquiry are few in number and simple in form. The Code's general rule states that personal, living, and family expenses are not deductible from gross income,2 whereas deductions may be taken for the ordinary and necessary expenses paid or incurred in the production or collection of income or in the maintenance of income-producing property.3 One exception to the rule that personal expenses are not deductible will be studied here, the deduction permitted under the Code for casualty losses to personal property.4 These provisions mark, for our purposes, the extent of the relevant statutory material. They have, over the years, received detailed examination in the literature.5 Almost without exception these inquiries have taken as their outer limit the Code's current structure and have attempted only to interpret

The Consumption and Loss of Personal Property under the Internal Revenue Code