Resler v. Commissioner
United States Tax Court
1. Property belonging to a partnership of which Jacob Resler was a member was taken in 1946 by condemnation, at which time an amount in excess of the cost of such property to the partnership was paid into court and distributed to the partnership without restriction. The partnership was claiming an amount in excess of the payment which had been made. This claim for an added amount was litigated and upon conclusion of the litigation in 1948, an additional amount was received.
Read the full summary
1. Property belonging to a partnership of which Jacob Resler was a member was taken in 1946 by condemnation, at which time an amount in excess of the cost of such property to the partnership was paid into court and distributed to the partnership without restriction. The partnership was claiming an amount in excess of the payment which had been made. This claim for an added amount was litigated and upon conclusion of the litigation in 1948, an additional amount was received. Held, that as to the payment made and received in 1946, the transaction was a closed transaction and that the gain…
1Opinion of the Court
OPINION.
TueneR, Judge:
Three questions remain for decision: (1) Whether in the case of the Hotel Oakland property, the petitioner realized taxable gain in 1946, by reason of the receipt of his proportionate share of the $750,000 paid to the partnership at the time possession and title to the property was taken, or whether, by reason of litigation covering the partnership’s claim for a greater amount, which litigation was terminated on April 27, 1948, by entry of a final judgment fixing the total amount of the award at $800,000, the entire amount of the gain is taxable in the latter year; (2)…
2Cases cited13 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. LoganSupreme Court of the United States · 1931
- Riggs v. Del DragoSupreme Court of the United States · 1942
- United States v. Safety Car Heating & Lighting Co.Supreme Court of the United States · 1936
8 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Conlorez Corp. v. CommissionerUnited States Tax Court · 1968
- Feinberg v. CommissionerUnited States Tax Court · 1966
- Best Universal Lock Co. v. CommissionerUnited States Tax Court · 1965
- Graphic Press, Inc. v. CommissionerUnited States Tax Court · 1973
- Kent Homes, Inc. v. CommissionerUnited States Tax Court · 1971
14 more not listed; retrieve them via the Exa API.