Allaben v. Commissioner
United States Board of Tax Appeals
An amount received from the state as a lump sum purchase price for part of a tract of land used in a highway may not be treated after the event as a combination of factors such as selling price and compensation for damage to adjoining land, but only as selling price.
1Opinion of the Court
*328OPINION.
Steenhagen:
The petitioners, on their joint return, treated $20,000 of the $40,000 received from the state as “consequential damages” to the remaining portion of the tract, and omitted it from the sale price. This treatment they attempted to support by testimony of the highway engineer who had approved the purchase, that he had computed the $40,000 by adding together his estimate of the value as $5,500 an acre, or $22,830.50, and “consequential damage” of $17,169.50, and by the testimony of petitioner that he regarded the price as comprising compensation for damage. But this was not…
2Cited by17 opinions
- Peter Vaira and Mary L. Vaira v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1971
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- Lapham v. United StatesCourt of Appeals for the Second Circuit · 1950
- Graphic Press, Inc. v. CommissionerUnited States Tax Court · 1973
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