Latimer v. Commissioner
United States Tax Court
Petitioner used insurance proceeds totaling $ 110,000, paid for destruction of property by fire, in an attempt to save a financially troubled corporation owned and controlled by his wife. More than 1 year after the close of the taxable year in which the proceeds were received by petitioner, he replaced the property.
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Petitioner used insurance proceeds totaling $ 110,000, paid for destruction of property by fire, in an attempt to save a financially troubled corporation owned and controlled by his wife. More than 1 year after the close of the taxable year in which the proceeds were received by petitioner, he replaced the property. Held, petitioner realized a long-term gain upon receipt of part of the proceeds, which he held under a claim of right, provisions in a lease to the contrary notwithstanding. Held, further, petitioner cannot avail himself of sec. 1033, I.R.C. 1954, since he showed neither a…
1Opinion of the Court
Tietjens, Judge:
The Commissioner determined a deficiency in petitioner’s Federal income tax for taxable year 1963 in the amount of $12,950.81. The two issues remaining for our decision are whether petitioner realized a long-term gain in taxable year 1963 upon receipt of insurance proceeds paid on the destruction of property by fire, and if so, whether petitioner is entitled under section 1033(a) (3), I.R..C. 1954,1 to postpone recognition of this long-term gain.
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation and exhibits attached thereto are incorporated herein by this…
2Cases cited4 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Healy v. CommissionerSupreme Court of the United States · 1953
- National City Bank of New York v. HelveringCourt of Appeals for the Second Circuit · 1938
- N. Gordon Phillips and Lauretta M. Phillips v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
3Cited by10 opinions
- Professional Ins. Agents v. CommissionerUnited States Tax Court · 1982
- Casalina Corp. v. CommissionerUnited States Tax Court · 1973
- Lemly v. CommissionerUnited States Tax Court · 1973
- AFFILIATED FOODS, INC. v. COMMISSIONERUnited States Tax Court · 1996
- Casalina Corp. v. CommissionerUnited States Tax Court · 1973
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