Cusack v. Commissioner
United States Tax Court
Sec. 1033, I.R.C. 1954 -- Purchase of Similar Property. -- Petitioners, in order to acquire investment property similar to property involuntarily converted by condemnation in 1959, executed as buyers a "Deed and Agreement of Sale" on Dec. 21, 1960, whereby sellers granted to them certain unimproved lands in California for $ 195,879, with $ 5,000 paid on execution and $ 190,879 to be paid by July 1, 1961, with interest.
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Sec. 1033, I.R.C. 1954 -- Purchase of Similar Property. -- Petitioners, in order to acquire investment property similar to property involuntarily converted by condemnation in 1959, executed as buyers a "Deed and Agreement of Sale" on Dec. 21, 1960, whereby sellers granted to them certain unimproved lands in California for $ 195,879, with $ 5,000 paid on execution and $ 190,879 to be paid by July 1, 1961, with interest. It was provided that if access road or water supply was not made available to the property by sellers by July 1, 1961, buyers had the option to reconvey and to recover all sums…
1Opinion of the Court
Bruce, Judge:
Respondent determined deficiencies in income tax in the amount of $41,163.24 for 1959 and $155.60 for 1962. The deficiency for 1962 is conceded, as well as certain adjustments for 1959. The sole issue remaining for decision is whether petitioners, who realized gain from the involuntary conversion of property by condemnation, made a timely purchase of other property similar or related in service or use to the converted property so that the gain is subject to nonrecognition pursuant to section 1033 of the Internal Revenue Code of 1954.
findings of fact
The stipulation of facts and…
2Cases cited4 opinions
- Lucile McAulay Filippini, as of the Last Will and Testament of Carra McAulay Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 1963
- Gaynor News Co. v. CommissionerUnited States Tax Court · 1954
- John Richard Corp. v. CommissionerUnited States Tax Court · 1966
- Johnson v. CommissionerUnited States Tax Court · 1965
3Cited by8 opinions
- Baertschi v. CommissionerUnited States Tax Court · 1967
- Templeton v. CommissionerUnited States Tax Court · 1976
- Baertschi v. CommissionerUnited States Tax Court · 1967
- Cusack v. CommissionerUnited States Tax Court · 1967
- Graphic Press, Inc. v. CommissionerUnited States Tax Court · 1973
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