Income Syndicate, Inc. v. Commissioner
United States Board of Tax Appeals
The owner of property, a portion which was appropriated by a city under condemnation, was awarded and paid $5,447.75. The cost of the property taken by condemnation was $2,925.29. The remaining property was assessed $4,670.58 as its proportionate cost of the improvement, and bonds, constituting a lien against such property, were issued and sold.
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The owner of property, a portion which was appropriated by a city under condemnation, was awarded and paid $5,447.75. The cost of the property taken by condemnation was $2,925.29. The remaining property was assessed $4,670.58 as its proportionate cost of the improvement, and bonds, constituting a lien against such property, were issued and sold. The difference between the award and the assessment being less than the cost of the portion of the land condemned, it is held, that the fact that the payment of the assessment was postponed is immaterial and, the condemnation and assessment being one…
1Opinion of the Court
INCOME SYNDICATE, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Income Syndicate, Inc. v. Commissioner
Docket No. 88321.
United States Board of Tax Appeals
37 B.T.A. 926; 1938 BTA LEXIS 966;
May 24, 1938, Promulgated
The owner of property, a portion which was appropriated by a city under condemnation, was awarded and paid $5,447.75. The cost of the property taken by condemnation was $2,925.29. The remaining property was assessed $4,670.58 as its proportionate cost of the improvement, and bonds, constituting a lien against such property, were issued and sold. The difference…
2Cases cited1 opinion
- Income Syndicate, Inc. v. CommissionerUnited States Board of Tax Appeals · 1938