Graphic Press, Inc. v. Commissioner
United States Tax Court
Under threat of condemnation, the State of California acquired petitioner's land, building, and certain machinery, which had a combined fair market value of $ 317,808. Petitioner concurrently agreed to retain and remove the bulk of its heavy printing machinery, thereby waiving its right under local law to sell the same to the State. The State paid petitioner $ 725,000, which petitioner reinvested and on its return treated as proceeds of an involuntary conversion.
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Under threat of condemnation, the State of California acquired petitioner's land, building, and certain machinery, which had a combined fair market value of $ 317,808. Petitioner concurrently agreed to retain and remove the bulk of its heavy printing machinery, thereby waiving its right under local law to sell the same to the State. The State paid petitioner $ 725,000, which petitioner reinvested and on its return treated as proceeds of an involuntary conversion. Held, a recital in the condemnation agreement that the $ 725,000 was paid for the physical assets acquired does not preclude the…
1Opinion of the Court
Graphic Press, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Graphic Press, Inc. v. Commissioner
Docket No. 2283-71
United States Tax Court
60 T.C. 674; 1973 U.S. Tax Ct. LEXIS 84; 60 T.C. No. 71;
August 7, 1973, Filed
Decision will be entered for the respondent.
Under threat of condemnation, the State of California acquired petitioner's land, building, and certain machinery, which had a combined fair market value of $ 317,808. Petitioner concurrently agreed to retain and remove the bulk of its heavy printing machinery, thereby waiving its right under local law to sell the same to…
Also in this document: Concurrence; Dissent · Drennen; Dissent · Quealy; Dissent · Wiles.
2Cases cited27 opinions
- Helvering v. GowranSupreme Court of the United States · 1937
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- Peter Vaira and Mary L. Vaira v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1971
- Haverty Realty & Inv. Co. v. CommissionerUnited States Tax Court · 1944
- Boatman v. CommissionerUnited States Tax Court · 1959
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