Conlorez Corp. v. Commissioner
United States Tax Court
New York State appropriated certain property of the petitioner in 1959. A partial payment of $ 81,900 in respect of such property was made to the petitioner in 1961, and the New York Court of Claims awarded the petitioner $ 166,575 in 1964. The petitioner's adjusted basis in the property was less than $ 81,900. The petitioner replaced the property in 1965 with other property similar or related in service or use.
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New York State appropriated certain property of the petitioner in 1959. A partial payment of $ 81,900 in respect of such property was made to the petitioner in 1961, and the New York Court of Claims awarded the petitioner $ 166,575 in 1964. The petitioner's adjusted basis in the property was less than $ 81,900. The petitioner replaced the property in 1965 with other property similar or related in service or use. Held: 1. The petitioner realized gain in 1961 as the result of the partial payment. Accordingly, it may not elect sec. 1033 nonrecognition treatment of its gain on the appropriated…
1Opinion of the Court
Simpson, Judge:
The respondent determined deficiencies in the income tax and additions to the tax of the petitioner as follows:
Addition to tax Year Deficiency [1] Sec. 6651(a) W Sec. 6653(a)
1961... $5,329.90 $1,332.48 $266.50
1964_..... 22,223.49 5,555.87 1,111.17
27,553.39 6.888.35 1,377.67
The issues for decision are: (1) Whether the petitioner realized any gain in 1961 as a result of a partial payment received by it in that year for its property that was involuntarily converted; (2) whether the petitioner filed timely income tax returns for the years 1961 and 1964, and if not, whether such…
2Cases cited22 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Ferguson v. CommissionerUnited States Tax Court · 1950
- Bebb v. CommissionerUnited States Tax Court · 1961
- Crude Oil Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1947
- Nelson v. CommissionerUnited States Tax Court · 1952
17 more not listed; retrieve them via the Exa API.
3Cited by95 opinions
- Weimerskirch v. CommissionerUnited States Tax Court · 1977
- David E. Heasley and Kathleen Heasley v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1990
- Jerome D. And Bernetta O. Hanson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1983
- Estate of Lang v. CommissionerUnited States Tax Court · 1975
- Vaira v. CommissionerUnited States Tax Court · 1969
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