S. & B. Realty Co. v. Commissioner
United States Tax Court
1. Petitioner owned rental property which was situated within an urban renewal area. With respect to this property petitioner was given four alternatives: (1) Improvement of the property in accordance with the urban renewal agency's direction; (2) sale to a third party who would make the required improvements; (3) sale to the agency; or (4) condemnation. Petitioner sold his property to a third party.
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1. Petitioner owned rental property which was situated within an urban renewal area. With respect to this property petitioner was given four alternatives: (1) Improvement of the property in accordance with the urban renewal agency's direction; (2) sale to a third party who would make the required improvements; (3) sale to the agency; or (4) condemnation. Petitioner sold his property to a third party. Held, petitioner sold his property under threat of condemnation and, accordingly, is entitled to nonrecognition of his gain under sec. 1033, I.R.C. 1954. S. H. Kress & Co., 40 T.C. 142 (1963). 2…
1Opinion of the Court
S. & B. Realty Company, Petitioner v. Commissioner of Internal Revenue, Respondent; Samuel Goldberg and Bess Goldberg, Petitioners v. Commissioner of Internal Revenue, Respondent
S. & B. Realty Co. v. Commissioner
Dockets Nos. 3833-68, 3834-68
United States Tax Court
54 T.C. 863; 1970 U.S. Tax Ct. LEXIS 155;
April 27, 1970, Filed
Decisions will be entered under Rule 50.
1. Petitioner owned rental property which was situated within an urban renewal area. With respect to this property petitioner was given four alternatives: (1) Improvement of the property in accordance with the urban renewal agency's…
2Cases cited8 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Malat v. RiddellSupreme Court of the United States · 1966
- Boyle Fuel Co. v. CommissionerUnited States Tax Court · 1969
- John Richard Corp. v. CommissionerUnited States Tax Court · 1966
- Masser v. CommissionerUnited States Tax Court · 1958
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