Warner v. Commissioner
United States Tax Court
Petitioner sold various tracts of land at a gain in 1965, reinvested part of the proceeds therefrom, and claimed nonrecognition treatment under sec. 1033. Held, petitioner did not sell his property as a result of the threat or imminence of condemnation. Held, further, allocation of sales proceeds to various properties determined.
1Opinion of the Court
Irwin, Judge:
The Commissioner determined a deficiency in petitioners’ income tax for the taxable year 1965 in the amount of $80,780.33. We must first decide whether petitioners sold certain real property under threat or imminence of condemnation so as to satisfy section 1033 of the Internal Revenue Code of 1954.1 In the event we decide this issue in the negative, we must then determine whether respondent’s allocation of the sales proceeds was correct.
FINDING OF FACT
Edward Warner (hereinafter petitioner) and his wife, Elizabeth Warner, who resided in Tremont, Ind., at the time they filed the…
2Cases cited7 opinions
- Quock Ting v. United StatesSupreme Court of the United States · 1891
- Blum v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1950
- Williams v. CommissionerUnited States Tax Court · 1957
- Maixner v. CommissionerUnited States Tax Court · 1959
- Masser v. CommissionerUnited States Tax Court · 1958
2 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
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- Hay v. CommissionerUnited States Tax Court · 1992
- Forest City Chevrolet v. CommissionerUnited States Tax Court · 1977
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