Dorothy C. Thorpe Glass Mfg. Corp. v. Commissioner
United States Tax Court
T corporation owned real estate which it leased to an affiliate and in which the affiliate conducted its business operations. In order to expand its plant the affiliate subsequently leased an adjoining building from an unrelated third party.
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T corporation owned real estate which it leased to an affiliate and in which the affiliate conducted its business operations. In order to expand its plant the affiliate subsequently leased an adjoining building from an unrelated third party. Thereafter, threats of "legal action" for violations of a municipal building code in respect of such adjoining building made it economically impractical to continue using that building, and the needs of T's affiliate required it to seek other space. The only feasible alternative was to construct a new plant elsewhere; and financing therefor was obtainable…
1Opinion of the Court
OPINION
Ratjm, Judge:
Petitioner’s primary argument is that the gain realized on the sale of the property located at 902 Thompson Avenue was nonrecognizable since it arose out of an involuntary conversion of its property within the terms of section 1033 (a) of the 1954 Code.1 Although there is no dispute that the proceeds of sale of petitioner’s property at 902 Thompson Avenue were invested in “similar” property within the meaning of section 1033(a)(1), the Government challenges petitioner’s position on two principal grounds, (1) that petitioner did not possess a property interest in any land…
2Cases cited11 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Vim Securities Corporation v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1942
- Dear Publication & Radio, Inc. v. CommissionerUnited States Tax Court · 1959
- Dear Publication & Radio, Inc., a New Jersey Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1960
- Masser v. CommissionerUnited States Tax Court · 1958
6 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Ft. Hamilton Manors, Inc. v. CommissionerUnited States Tax Court · 1969
- Koziara v. CommissionerUnited States Tax Court · 1986
- Carver v. CommissionerUnited States Tax Court · 1985
- Dorothy C. Thorpe Glass Mfg. Corp. v. CommissionerUnited States Tax Court · 1968
- Ft. Hamilton Manors, Inc. v. CommissionerUnited States Tax Court · 1969
3 more not listed; retrieve them via the Exa API.