320 E. 47th Street Corp. v. Commissioner
United States Tax Court
In 1948 the City of New York condemned real estate which petitioner owned. While title vested in the City in that year, it did not pay petitioner an award for the property until 1950. A part of the amount which petitioner received was interest on the award from the time title vested in the City until final payment was made. Held, such amount of interest constituted personal holding company income within the meaning of section 502 (a) of the 1939 Code.
1Opinion of the Court
opinion.
Kice, Judge:
Petitioner argues that the $20,728.81 which it reported as interest on the condemnation award did not constitute interest within the meaning of section 502 (a) ; that such amount was a part of the condemnation award itself; and that it in fact is entitled to a refund since the amount of so-called interest was not ordinary income.
The respondent argues that what was denominated as interest in the Administrative Code of the City of New York, in the decree of the Supreme Court of New York, in the payment which the City made to petitioner, and as reported by petitioner on its…
2Cases cited8 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Kieselbach v. CommissionerSupreme Court of the United States · 1943
- Petit v. CommissionerUnited States Tax Court · 1947
- Isaac G. Johnson & Co. v. United StatesCourt of Appeals for the Second Circuit · 1945
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3Cited by14 opinions
- Wheeler v. CommissionerUnited States Tax Court · 1972
- Filippini v. United StatesDistrict Court, N.D. California · 1961
- Tiefenbrunn v. CommissionerUnited States Tax Court · 1980
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- Allied Industrial Cartage Co. v. CommissionerUnited States Tax Court · 1979
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