Spak v. Commissioner
United States Tax Court
Held: 1. Decrease in value of property caused by flood determined. 2. Urban renewal agency's payment in excess of its value for flood-damaged property acquired pursuant to subch. III of the Relocation Act of 1970, Pub. L. 91-646, constitutes compensation "by insurance or otherwise" within the meaning of sec. 165(a), I.R.C. 1954, but relocation payment under subch. II of the act does not.
1Opinion of the Court
William M. and Sheila R. Spak, Petitioners v. Commissioner of Internal Revenue, Respondent
Spak v. Commissioner
Docket No. 1865-76
United States Tax Court
76 T.C. 464; 1981 U.S. Tax Ct. LEXIS 155;
March 26, 1981, Filed
Decision will be entered for the respondent.
Held:
1. Decrease in value of property caused by flood determined.
2. Urban renewal agency's payment in excess of its value for flood-damaged property acquired pursuant to subch. III of the Relocation Act of 1970, Pub. L. 91-646, constitutes compensation "by insurance or otherwise" within the meaning of sec. 165(a), I.R.C. 1954, but…
2Cases cited4 opinions
- Heyn v. CommissionerUnited States Tax Court · 1966
- Shanahan v. CommissionerUnited States Tax Court · 1974
- Estate of Bryan v. CommissionerUnited States Tax Court · 1980
- Spak v. CommissionerUnited States Tax Court · 1981