Central & Pacific Improv. Corp. v. Commissioner
United States Board of Tax Appeals
1. The taxable gain realized from the condemnation of a portion of a parcel of land is the amount awarded for the property taken, less the basis therefor.
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1. The taxable gain realized from the condemnation of a portion of a parcel of land is the amount awarded for the property taken, less the basis therefor. Christian Ganahl Co.,34 B.T.A. 126, followed. 2. The receipt of an award for property taken in condemnation proceedings and the payment of a special assessment levied to improve the property as a public street by offsetting it against the award, do not result in the expenditure of any amount in the acquisition of property similar or related in service or use within the meaning of section 112(f) of the Revenue Act of 1928.
1Opinion of the Court
CENERAL & PACIFIC IMPROVEMENT CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Central & Pacific Improv. Corp. v. Commissioner
Docket No. 68317.
United States Board of Tax Appeals
34 B.T.A. 208; 1936 BTA LEXIS 732;
March 25, 1936, Promulgated
1. The taxable gain realized from the condemnation of a portion of a parcel of land is the amount awarded for the property taken, less the basis therefor. Christian Ganahl Co.,34 B.T.A. 126, followed.
2. The receipt of an award for property taken in condemnation proceedings and the payment of a special assessment levied to improve the…
2Cases cited2 opinions
- Christian Ganahl Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Central & Pacific Improv. Corp. v. CommissionerUnited States Board of Tax Appeals · 1936