Pierce v. Commission

Edward H. Howell, Judge.

The tax commission issued an income tax deficiency against plaintiffs for the tax year 1964 and plaintiffs appealed.

In 1964 the plaintiffs, after notice of proposed condemnation, sold 55 acres near the Portland International Airport to the Port of Portland for $200,000. The plaintiffs contend that their case falls within the provisions of ORS 316.295 which provides for the nonrecognition of gain from an involuntary conversion of a taxpayer’s property if the taxpayer, within one year after the close of the first tax year in which any part of the gain is realized, makes…