Palladium Amusement Co. v. Commissioner
United States Board of Tax Appeals
Where property is taken for public purposes under condemnation proceedings and an award is made for the property taken, which award is paid in part by offsetting the amount of benefits accruing to the remaining property from the improvement, held, the amount of the award is not "gain" to the extent it is canceled by the benefits assessed; and the gain derived from the transaction should be computed by reducing the gross award by the amount of the assessed benefits, and then…
Read the full summary
Where property is taken for public purposes under condemnation proceedings and an award is made for the property taken, which award is paid in part by offsetting the amount of benefits accruing to the remaining property from the improvement, held, the amount of the award is not "gain" to the extent it is canceled by the benefits assessed; and the gain derived from the transaction should be computed by reducing the gross award by the amount of the assessed benefits, and then deducting the cost of the property taken. Carrano v. Commissioner, 70 Fed.(2d) 319, and Wolf v. Commissioner, 77…
1Opinion of the Court
PALLADIUM AMUSEMENT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Palladium Amusement Co. v. Commissioner
Docket No. 79746.
United States Board of Tax Appeals
37 B.T.A. 149; 1938 BTA LEXIS 1080;
January 21, 1938, Promulgated
Where property is taken for public purposes under condemnation proceedings and an award is made for the property taken, which award is paid in part by offsetting the amount of benefits accruing to the remaining property from the improvement, held, the amount of the award is not "gain" to the extent it is canceled by the benefits assessed; and the gain…
2Cases cited6 opinions
- State ex rel. Chicago, Burlington & Quincy Railroad v. City of KansasSupreme Court of Missouri · 1886
- Christian Ganahl Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Central & Pacific Improv. Corp. v. CommissionerUnited States Board of Tax Appeals · 1936
- Wolf v. CommissionerUnited States Board of Tax Appeals · 1934
- Green v. CommissionerUnited States Board of Tax Appeals · 1938
1 more not listed; retrieve them via the Exa API.