Wolf v. Commissioner
United States Board of Tax Appeals
1. Where, pursuant to condemnation proceedings, property is taken, for public purposes, and an award is made for land and buildings so taken and severance damages, which award is paid by application against the assessment levied for benefits accruing to remaining property, the proceeding constitutes a closed transaction which may result in taxable gain. 2. The construction by the city of a street through taxpayer's property, after condemnation proceedings, in connection with…
Read the full summary
1. Where, pursuant to condemnation proceedings, property is taken, for public purposes, and an award is made for land and buildings so taken and severance damages, which award is paid by application against the assessment levied for benefits accruing to remaining property, the proceeding constitutes a closed transaction which may result in taxable gain. 2. The construction by the city of a street through taxpayer's property, after condemnation proceedings, in connection with which taxpayer receives an award for property taken, does not of itself result in the acquisition of "property similar…
1Opinion of the Court
L. H. WOLF, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wolf v. Commissioner
Docket No. 63589.
United States Board of Tax Appeals
29 B.T.A. 702; 1934 BTA LEXIS 1503;
January 1934
1. Where, pursuant to condemnation proceedings, property is taken, for public purposes, and an award is made for land and buildings so taken and severance damages, which award is paid by application against the assessment levied for benefits accruing to remaining property, the proceeding constitutes a closed transaction which may result in taxable gain.
2. The construction by the city of a street through…
2Cases cited1 opinion
- Wolf v. CommissionerUnited States Board of Tax Appeals · 1934