Pittsburgh Terminal Corp. v. Commissioner
United States Tax Court
Held, petitioner sustained no loss on the sale of coal lands in 1966.
1Opinion of the Court
IRWIN, Judge:
Respondent determined a deficiency of $58,655.37 in the income tax of petitioner for 1966. The ultimate question to be decided is whether petitioner had any allowable capital loss from sale of coal lands in 1966; however, the decision on this question depends upon the resolution of the following issues:(1) Whether the cost basis of coal lands acquired by Terminal Railroad & Coal Co. (Terminal Coal No. I) exceeded the deductions for depletion, allowed and allowable, taken by Terminal Coal No. I and its successors from 1902 until 1966;(2) Whether the bankruptcy reorganization in…
2Cases cited7 opinions
- Philadelphia Park Amusement Co. v. United StatesUnited States Court of Claims · 1954
- Moore-McCormack Lines, Inc. v. CommissionerUnited States Tax Court · 1965
- Commissioner of Internal Revenue v. McKinneyCourt of Appeals for the Tenth Circuit · 1937
- McKinney v. CommissionerUnited States Board of Tax Appeals · 1935
- Lanova Corp. v. Comm'rUnited States Tax Court · 1952
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3Cited by28 opinions
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