Johnson v. Commissioner
United States Tax Court
Petitioner, who rented farm property which was taken in condemnation proceedings by a railroad for use as a marshalling yard, reinvested the proceeds she received in a fee interest in land subject to a long-term lease to an oil company which operated a gasoline service station on the property.
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Petitioner, who rented farm property which was taken in condemnation proceedings by a railroad for use as a marshalling yard, reinvested the proceeds she received in a fee interest in land subject to a long-term lease to an oil company which operated a gasoline service station on the property. Held, that since both the converted and replacement properties were held by petitioner for investment purposes, the replacement property was "similar or related in service or use to the property so converted," within the provisions of section 1033(a)(3)(A), I.R.C. 1954, and that the petitioner is…
1Opinion of the Court
DawsoN, Judge:
Respondent determined a deficiency in the income taxes of petitioners for the calendar year 1957 in the amount of $19,122.32.
The only issue presented is whether the petitioner, Helene C. Johnson, reinvested the proceeds she received from farm property, which was taken by the Cleveland & Pittsburgh Railroad Co. pursuant to condemnation proceedings, in other property “similar or related in service or use” to the converted property within the meaning of section 1033(a) (3) (A) of the Internal Revenue Code of 1954.
FINDINGS OF FACT
Some of the facts are stipulated and are so found.
Harv…
2Cases cited15 opinions
- Lucile McAulay Filippini, as of the Last Will and Testament of Carra McAulay Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 1963
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Liant Record, Inc., William I. Alpert and Paula G. Alpert, Abraham Alpert and Sarah Alpert, Jack L. Alpert v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Steuart Brothers, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Thomas McCaffrey Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1960
10 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Wheeler v. CommissionerUnited States Tax Court · 1972
- John Richard Corp. v. CommissionerUnited States Tax Court · 1966
- Davis v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- Cusack v. CommissionerUnited States Tax Court · 1967
- Davis v. United StatesCourt of Appeals for the Ninth Circuit · 1979
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