Clifton Inv. Co. v. Commissioner
United States Tax Court
Held: That the money which petitioner received in 1956 from the City of Cincinnati, Ohio, in settlement for the condemnation of an office building and ground upon which it was located and which the petitioner held for rental purposes, was not invested in other property "similar or related in service or use" where petitioner invested the money in the shares of stock in an Ohio corporation which acquired a hotel building in the city of New York.
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Held: That the money which petitioner received in 1956 from the City of Cincinnati, Ohio, in settlement for the condemnation of an office building and ground upon which it was located and which the petitioner held for rental purposes, was not invested in other property "similar or related in service or use" where petitioner invested the money in the shares of stock in an Ohio corporation which acquired a hotel building in the city of New York. Petitioner is not entitled to the non-recognition-of-gain provisions of section 1033, I.R.C. 1954.
1Opinion of the Court
OPINION.
Black, Judge:
We have but one issue in this proceeding to decide. That issue is whether the sale of the property owned by petitioner in Cincinnati known as the United Bank Building and the reinvestment of the proceeds thereof in the purchase of 80 percent of the capital stock of the Times Square Hotel of New York, Inc., which, after its incorporation, acquired and operated the Hotel Times Square in New York City, constituted an involuntary conversion within the meaning of section 1033(a) (1) and (3) (A), 1954 Code.1
There is no dispute between the parties as to the amount of gain which…
2Cases cited2 opinions
- Steuart Brothers, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Liant Record, Inc. v. CommissionerUnited States Tax Court · 1961
3Cited by19 opinions
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Liant Record, Inc., William I. Alpert and Paula G. Alpert, Abraham Alpert and Sarah Alpert, Jack L. Alpert v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- John Richard Corp. v. CommissionerUnited States Tax Court · 1966
- The Clifton Investment Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
- Ben Pohn and Estelle Pohn v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1962
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