Income Syndicate, Inc. v. Commissioner
United States Board of Tax Appeals
The owner of property, a portion which was appropriated by a city under condemnation, was awarded and paid $5,447.75. The cost of the property taken by condemnation was $2,925.29. The remaining property was assessed $4,670.58 as its proportionate cost of the improvement, and bonds, constituting a lien against such property, were issued and sold.
Read the full summary
The owner of property, a portion which was appropriated by a city under condemnation, was awarded and paid $5,447.75. The cost of the property taken by condemnation was $2,925.29. The remaining property was assessed $4,670.58 as its proportionate cost of the improvement, and bonds, constituting a lien against such property, were issued and sold. The difference between the award and the assessment being less than the cost of the portion of the land condemned, it is held, that the fact that the payment of the assessment was postponed is immaterial and, the condemnation and assessment being one…
1Opinion of the Court
OPINION.
Mellott:
The Commissioner made several adjustments to the net income shown by petitioner’s return for the fiscal year ended September 30,1934, and determined a deficiency in income tax amounting to $346.88. It is conceded by the petitioner that all, except one, of the adjustments were properly made. The sole issue submitted for our determination is whether or not the Commissioner erred in adding to petitioner’s income $2,522.46 as “Profits not reported” in connection with the condemnation of a portion of its property.
The facts were stipulated and, summarized, are as follows:
The…
2Cited by4 opinions
- Collyer v. CommissionerUnited States Board of Tax Appeals · 1938
- Income Syndicate, Inc. v. CommissionerUnited States Board of Tax Appeals · 1938
- Pioneer Real Estate Co. v. CommissionerUnited States Board of Tax Appeals · 1942
- Ridge Rd. Inv. Corp. v. CommissionerUnited States Tax Court · 1944