Willamette Indus. v. Comm'r
United States Tax Court
Some of P's trees were partially damaged and P was compelled to salvage the trees or they would have been lost through decay, insects, etc. The damage forced P to harvest the trees before intended. P had several alternatives for salvage and chose to process the damaged trees into the end products that it normally produces.
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Some of P's trees were partially damaged and P was compelled to salvage the trees or they would have been lost through decay, insects, etc. The damage forced P to harvest the trees before intended. P had several alternatives for salvage and chose to process the damaged trees into the end products that it normally produces. P, under sec. 1033, I.R.C., seeks to defer only the portion of the gain attributable to the difference between P's basis and the fair market value of the damaged trees in place. P does not seek to defer the part of the gain attributable to the processing of the trees or…
1Opinion of the Court
WILLAMETTE INDUSTRIES, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Willamette Indus. v. Comm'r
No. 20094-97; No. 7712-99
United States Tax Court
118 T.C. 126; 2002 U.S. Tax Ct. LEXIS 7; 118 T.C. No. 7;
February 12, 2002, Filed
Petitioner entitled to defer gain resulting from the salvage (processing and sale) of damaged trees under section 1033.
Some of P's trees were partially damaged and P was
compelled to salvage the trees or they would have been lost
through decay, insects, etc. The damage forced P to harvest the
trees before intended. P had several alternatives for salvage
and…
2Cases cited14 opinions
- Sundstrand Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1994
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
- Naftel v. CommissionerUnited States Tax Court · 1985
- Florida Peach Corp. v. CommissionerUnited States Tax Court · 1988
- United States v. CalderonSupreme Court of the United States · 1954
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