Waggoner v. Commissioner
United States Tax Court
Gain realized by petitioners upon receipt of cash compensation from the United States for property damaged, destroyed or converted while in possession of the United States under lease entered into under threat of condemnation proceedings, held, taxable to them as long term capital gain under section 117 (j) (2), I. R. C.
1Opinion of the Court
OPINION.
LeMire, Judge:
These proceedings, consolidated for hearing, involve deficiencies in income tax as follows:
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The sole question in issue is whether a gain which the petitioners realized from the receipt of compensation from the United States Government in 1944 for damage to, destruction of,' or conversion of property which the Government had occupied as lessee is taxable to the petitioners as ordinary income or as long term capital gain. Adjustments made by respondent of the 1943 tax liability of petitioner Dorothy Waggoner have been agreed upon and will be given effect under…
2Cases cited1 opinion
- Hort v. CommissionerSupreme Court of the United States · 1941
3Cited by20 opinions
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- Commissioner v. RissCourt of Appeals for the Eighth Circuit · 1967
- Commissioner of Internal Revenue v. Richard R. Riss, Sr., Richard R. Riss, Sr. v. Commissioner of Internal Revenue, (Two Cases). Richard R. Riss, Sr. And Helen G. Riss v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1967
- Sirbo Holdings, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1973
- Midwest Motor Express, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1958
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