Demirjian v. Commissioner
United States Tax Court
A and B were the sole stockholders of a corporation which owned and operated certain rental property. The corporation was dissolved and the property distributed to them as "partners trading as Kin-Bro Real Estate Company." They continued to operate the property without interruption. The property was subsequently sold to a public agency pursuant to an involuntary condemnation proceeding.
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A and B were the sole stockholders of a corporation which owned and operated certain rental property. The corporation was dissolved and the property distributed to them as "partners trading as Kin-Bro Real Estate Company." They continued to operate the property without interruption. The property was subsequently sold to a public agency pursuant to an involuntary condemnation proceeding. The net proceeds were divided equally between A and B, and thereafter each individually, at different times and in different amounts, purchased similar property out of a portion of her one-half share of the…
1Opinion of the Court
OPINION
Raum:, Judge:
Mabel Demirjian and Anne Demirjian were sisters-in-law. In 1962 certain property held by them allegedly in an equal partnership was sold in an involuntary condemnation proceeding, and the proceeds were distributed equally to them. Each reinvested a portion of her share of the proceeds in like property. At issue is whether the nonrecognition-of-gains provisions of section 1038,1.R.C. 1954, are applicable where the actual reinvestments were made individually and in separate properties by Mabel and Anne rather than by the partnership. The answer depends upon whether section…
2Cases cited9 opinions
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Bornstein v. United StatesUnited States Court of Claims · 1965
- Appleby v. CommissionerUnited States Board of Tax Appeals · 1940
- Commissioner of Internal Rev. v. Appleby's EstateCourt of Appeals for the Second Circuit · 1941
- Gilford v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1953
4 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- McManus v. CommissionerUnited States Tax Court · 1975
- Harris v. CommissionerUnited States Tax Court · 1974
- Demirjian v. CommissionerCourt of Appeals for the Third Circuit · 1972
- Helmer v. CommissionerUnited States Tax Court · 1975
- Estate of Morris v. CommissionerUnited States Tax Court · 1971
30 more not listed; retrieve them via the Exa API.