Collyer v. Commissioner
United States Board of Tax Appeals
1. Held following Carrano v. Commissioner, 70 Fed.(2d) 319, and Income Syndicate, Inc.,37 B.T.A. 926, that petitioner is entitled to deduct the amount of certain benefit payments from condemnation awards in computing income. 2. Where proceeds of a condemnation award were in part used to pay assessments for benefits attributable to other and unrelated projects completed some years prior, such payments are not deductible in determining income from the award.
1Opinion of the Court
*108OPINION.
Van Fossan:
The notice of deficiency treated the interest of $8,743.04 received from the city on the award money as income, made an allowance of $2,015 for legal fees, and treated the difference between the principal of the award and a March 1, 1913, value of $12,000 for the property as income. Petitioner, by this proceeding, assails respondent’s refusal to deduct the above mentioned assessments.
The rule now seems well established that where owners are permitted to offset the award to them against the benefits assessed against them, the net amount received, and not the gross award, is…
2Cited by4 opinions
- Collyer v. CommissionerUnited States Board of Tax Appeals · 1938
- Norby v. CommissionerUnited States Tax Court · 1961
- Pioneer Real Estate Co. v. CommissionerUnited States Board of Tax Appeals · 1942
- Ridge Rd. Inv. Corp. v. CommissionerUnited States Tax Court · 1944