R. A. Stewart & Co. v. Commissioner
United States Tax Court
Held: The petitioner realized gain in 1965 as a result of an advance payment made by New York City pursuant to a condemnation of certain property of the petitioner.
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Held: The petitioner realized gain in 1965 as a result of an advance payment made by New York City pursuant to a condemnation of certain property of the petitioner. The realization of this gain started the running of the period within which the property had to be replaced in order for the petitioner to qualify for nonrecognition under sec. 1033. The realty was not replaced within the period established by sec. 1033(a) (3) (B) (i), and the petitioner failed to obtain permission to replace the property within a longer period as prescribed by sec. 1033 (a)(3) (B) (ii). Consequently, the…
1Opinion of the Court
Quealy, Judge:
The respondent determined deficiencies in the Federal income tax due from the petitioner as follows:
Year Deficiency
1965 _ $6,212.94
1966 _ 7,458.82
Concessions having been made, the only issue presented for decision is whether petitioner should recognize gain in 1965 on account of payments made to it by the City of New York for the appropriation of the petitioner’s realty or whether the petitioner is entitled to nonrecognition treatment for such gain under section 1033.1
FINDINGS OF FACT
R,. A. Stewart & Co., Inc. (hereinafter sometimes referred to as the petitioner), is a…
2Cases cited14 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- United States v. LewisSupreme Court of the United States · 1951
- Rushing v. CommissionerUnited States Tax Court · 1969
- Conlorez Corp. v. CommissionerUnited States Tax Court · 1968
- Patrick McGuirl, Inc. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1935
9 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Casalina Corp. v. CommissionerUnited States Tax Court · 1973
- Hall v. CommissionerUnited States Tax Court · 1976
- Casalina Corp. v. CommissionerUnited States Tax Court · 1973
- Estate of Engelstein v. CommissionerUnited States Tax Court · 1977
- Ford v. CommissionerUnited States Tax Court · 1976
6 more not listed; retrieve them via the Exa API.