Fortee Properties, Inc. v. Commissioner
United States Tax Court
Recognition of Gain -- Involuntary Conversion -- Money Expended for Similar Property -- Mortgages -- Section 112 (f). The gain of a taxpayer whose property is taken by eminent domain is not recognized to extent of an amount paid by government to a mortgagee to discharge a mortgage on property for which the taxpayer was not liable.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined a deficiency of $7,242.50 in tbe income tax of tbe petitioner for its fiscal year ended May 81, 1948. The stipulated facts and two exhibits are adopted as tbe findings of fact. Tbe only issue for decision is whether the petitioner has failed to comply with the provisions of section 112 (f) so that $28,970 of its gain from the involuntary conversion of its property must be recognized. Section 112 (f) provides that if property, as a result of an exercise of the power of condemnation, is involuntarily converted into property similar or related…
2Cases cited6 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- United States v. LudeySupreme Court of the United States · 1927
- Blackstone Theatre Co. v. CommissionerUnited States Tax Court · 1949
- Commissioner of Internal Revenue v. HoffmanCourt of Appeals for the Second Circuit · 1941
- Commissioner v. Realty Operators, Inc.Court of Appeals for the Fifth Circuit · 1941
1 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Columbus & G. R. Co. v. CommissionerUnited States Tax Court · 1964
- Babcock v. CommissionerUnited States Tax Court · 1957
- Ramey Inv. Corp. v. CommissionerUnited States Tax Court · 1967
- Amey v. CommissionerUnited States Tax Court · 1954
- Amey v. CommissionerUnited States Tax Court · 1954
3 more not listed; retrieve them via the Exa API.