A. T. NEWELL REALTY CO. v. COMMISSIONER
United States Tax Court
Held: That the filing of the declaration of taking and offer to pay compensation by the Urban Redevelopment Authority of Bradford, Pa., resulted in a sale of petitioner's property under the Eminent Domain Code of Pennsylvania (Pa. Stat. Ann., tit. 26, sec. 1-101 et seq.) which preceded adoption of the plan of liquidation.
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Held: That the filing of the declaration of taking and offer to pay compensation by the Urban Redevelopment Authority of Bradford, Pa., resulted in a sale of petitioner's property under the Eminent Domain Code of Pennsylvania (Pa. Stat. Ann., tit. 26, sec. 1-101 et seq.) which preceded adoption of the plan of liquidation. In determining the effective date of such sale, for purposes of applying sec. 337 (a) of the Internal Revenue Code, it is immaterial that the taxpayer kept its books and filed its tax returns on a cash basis of accounting. Accordingly, taxpayer did not qualify for the…
1Opinion of the Court
A. T. NEWELL REALTY COMPANY, C/O LEO J. GALLINA & D. W. DALY, TRUSTEES AND TRANSFEREES, PETITIONER V. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT
LEO J. GALLINA & D. W DALY, TRUSTEES FOR THE STOCKHOLDERS OF A. T. NEWELL REALTY COMPANY, TRANSFEREES, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT
A. T. NEWELL REALTY CO. v. COMMISSIONER
Docket Nos. 2566-68, 2565-68.
United States Tax Court
56 T.C. 130; 1969 U.S. Tax Ct. LEXIS 34;
October 30, 1969, Filed
Held: That the filing of the declaration of taking and offer to pay compensation by the Urban Redevelopment Authority of Bradford, Pa.,…
2Cases cited5 opinions
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
- 44 West 3rd Street Corp. v. CommissionerUnited States Tax Court · 1963
- Wendell v. CommissionerCourt of Appeals for the Second Circuit · 1964
- Covered Wagon, Inc. v. CommissionerCourt of Appeals for the Eighth Circuit · 1966
- Morton v. United StatesDistrict Court, W.D. Missouri · 1966