S. E. Ponticos, Inc. v. Commissioner
United States Tax Court
Petitioner sold a building, which was rented to commercial tenants as a warehouse and place of business, to the City of Cincinnati, Ohio, under threat of condemnation. The proceeds of such sale were reinvested in a garden-type apartment development.
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Petitioner sold a building, which was rented to commercial tenants as a warehouse and place of business, to the City of Cincinnati, Ohio, under threat of condemnation. The proceeds of such sale were reinvested in a garden-type apartment development. Held, that the property purchased did not constitute "property similar or related in service or use to the property so converted," within the meaning of section 1033(a)(3)(A), I.R.C. 1954, and that the petitioner is therefore not entitled to nonrecognition of gain upon the disposition of the converted building.
1Opinion of the Court
Dawson, Judge:
Respondent determined a deficiency in the petitioner’s income tax for the calendar year 1956 in the amount of $28,551.49.
The only issue presented is whether the petitioner reinvested the proceeds received by it from the sale of property under threat of condemnation in other property “similar or related in service or use” to the property condemned within the meaning of section 1033(a) (3) (A) of the Internal Revenue Code of 1954.
FINDINGS OF FACT
Most of the facts are stipulated and are so found.
S. E. Ponticos, Inc., hereinafter referred to as the petitioner, is a corporation…
2Cases cited10 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
- Steuart Brothers, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Thomas McCaffrey Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1960
- Clifton Inv. Co. v. CommissionerUnited States Tax Court · 1961
5 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- C. G. Willis, Inc. v. CommissionerUnited States Tax Court · 1964
- Johnson v. CommissionerUnited States Tax Court · 1965
- S. E. Ponticos, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1964
- S. H. Kress & Co. v. CommissionerUnited States Tax Court · 1963
- Maloof v. CommissionerUnited States Tax Court · 1975
6 more not listed; retrieve them via the Exa API.