Place Realty Corp. v. Commissioner
United States Tax Court
Held, gain realized from the condemnation of property was gain realized from "the sale or exchange" of property within the meaning of section 337(a), Internal Revenue Code of 1954. Held, further, the sale or exchange was complete when, under local law the condemner was vested with title and the right to immediate possession and since this occurred prior to petitioner's adoption of a plan of complete liquidation, the above statute did not operate to exclude said gain from…
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Held, gain realized from the condemnation of property was gain realized from "the sale or exchange" of property within the meaning of section 337(a), Internal Revenue Code of 1954. Held, further, the sale or exchange was complete when, under local law the condemner was vested with title and the right to immediate possession and since this occurred prior to petitioner's adoption of a plan of complete liquidation, the above statute did not operate to exclude said gain from petitioner's gross income.
1Opinion of the Court
Place Realty Corporation v. Commissioner.
Place Realty Corp. v. Commissioner
Docket No. 86507.
United States Tax Court
T.C. Memo 1962-144; 1962 Tax Ct. Memo LEXIS 164; 21 T.C.M. (CCH) 754; T.C.M. (RIA) 62144;
June 15, 1962
Held, gain realized from the condemnation of property was gain realized from "the sale or exchange" of property within the meaning of section 337(a), Internal Revenue Code of 1954. Held, further, the sale or exchange was complete when, under local law the condemner was vested with title and the right to immediate possession and since this occurred prior to petitioner's adoption…
2Cases cited5 opinions
- Hawaiian Gas Products v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1942
- Matter of City of SyracuseNew York Court of Appeals · 1918
- Hawaiian Gas Products, Ltd. v. CommissionerUnited States Board of Tax Appeals · 1941
- Irving Trust Co. v. HughesAppellate Division of the Supreme Court of the State of New York · 1933
- Ham v. StateNew York Court of Claims · 1957
3Cited by1 opinion
- United States Court of Appeals Second CircuitCourt of Appeals for the Second Circuit · 1964