Willamette Indus. v. Comm'r
United States Tax Court
Some of P's trees were partially damaged and P was compelled to salvage the trees or they would have been lost through decay, insects, etc. The damage forced P to harvest the trees before intended. P had several alternatives for salvage and chose to process the damaged trees into the end products that it normally produces.
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Some of P's trees were partially damaged and P was compelled to salvage the trees or they would have been lost through decay, insects, etc. The damage forced P to harvest the trees before intended. P had several alternatives for salvage and chose to process the damaged trees into the end products that it normally produces. P, under sec. 1033, I.R.C., seeks to defer only the portion of the gain attributable to the difference between P's basis and the fair market value of the damaged trees in place. P does not seek to defer the part of the gain attributable to the processing of the trees or…
1Opinion of the Court
OPINION
Gerber, Judge:
The parties filed cross-motions for partial summary judgment.1 The controversy concerns whether petitioner is entitled to defer gain resulting from the salvage (processing and sale) of damaged trees under section 1033.2 The parties have agreed on the salient facts. The controverted issue involves a legal question that is ripe for summary judgment.3
Background
Petitioner is an Oregon corporation with its principal office in Portland, Oregon. Petitioner operates a vertically integrated forest products manufacturing business, which includes the ownership and processing of…
2Cases cited13 opinions
- Sundstrand Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1994
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
- Naftel v. CommissionerUnited States Tax Court · 1985
- Florida Peach Corp. v. CommissionerUnited States Tax Court · 1988
- United States v. CalderonSupreme Court of the United States · 1954
8 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Bartak v. Comm'rUnited States Tax Court · 2004
- Willamette Indus. v. Comm'rUnited States Tax Court · 2002
- Willamette Industries, Inc. v. CommissionerUnited States Tax Court · 2002