S. H. Kress & Co. v. Commissioner
United States Tax Court
Sale of petitioner's store site to private garage operator under threat of condemnation, proceeds of which were invested in sites for other stores to be used by petitioner, held, on facts, an "involuntary conversion" under section 1033, I.R.C. 1954, entitling petitioner to non-recognition of gain.
1Opinion of the Court
OPINION
Oppee, Judge:
When the land acquired by petitioner for use as the site of a large store in downtown San Francisco was sold under threat of condemnation and the proceeds invested in similar properties for identical use with the purpose of replacing the original site, we think petitioner properly elected nonrecognition1 of the gain on the sale of the original site pursuant to section 1033, I.E.C. 1954. The basic purpose of section 1033(a) (3) (A) undoubtedly is to allow the taxpayer to replace his property * * * without realizing gain where he is compelled to give up such property because…
2Cases cited10 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Lynchburg Nat'l Bank & Trust Co. v. CommissionerUnited States Tax Court · 1953
- Lynchburg Nat. Bank & Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
- Gaynor News Co. v. CommissionerUnited States Tax Court · 1954
- Clifton Inv. Co. v. CommissionerUnited States Tax Court · 1961
5 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- S. & B. Realty Co. v. CommissionerUnited States Tax Court · 1970
- Warner v. CommissionerUnited States Tax Court · 1971
- Willamette Indus. v. Comm'rUnited States Tax Court · 2002
- S. & B. Realty Co. v. CommissionerUnited States Tax Court · 1970
- S. H. Kress & Co. v. CommissionerUnited States Tax Court · 1963
3 more not listed; retrieve them via the Exa API.