Central & Pacific Improv. Corp. v. Commissioner
United States Board of Tax Appeals
1. The taxable gain realized from the condemnation of a portion of a parcel of land is the amount awarded for the property taken, less the basis therefor.
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1. The taxable gain realized from the condemnation of a portion of a parcel of land is the amount awarded for the property taken, less the basis therefor. Christian Ganahl Co.,34 B.T.A. 126, followed. 2. The receipt of an award for property taken in condemnation proceedings and the payment of a special assessment levied to improve the property as a public street by offsetting it against the award, do not result in the expenditure of any amount in the acquisition of property similar or related in service or use within the meaning of section 112(f) of the Revenue Act of 1928.
1Opinion of the Court
OPINION.
Seawell:
The decision entered herein was vacated after a review by the Board of the division report promulgated October 29, 1985, 33 B. T. A. 300. The facts are as follows:
The petitioner is a corporation organized under the laws of the State of California and has its principal place of business at 123 West Washington Boulevard, Los Angeles, California.
During the month of November 1913 petitioner, at a cost of $282,497.72, acquired fee title to a certain parcel of real estate in Los Angeles, California, which is bounded on the north by Eighteenth Street, on the west by Hill Street, on…
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