Babcock v. Commissioner
United States Tax Court
1. Sec. 112 (f), I. R. C. 1939 -- Involuntary Conversion. -- The property of the petitioner was condemned by the State of California under its power of eminent domain. Part of the award was paid by the State to the holder of a purchase money mortgage upon which the petitioner was not personally liable. The remainder was paid to the petitioner who forthwith invested the amount received by him in similar property.
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1. Sec. 112 (f), I. R. C. 1939 -- Involuntary Conversion. -- The property of the petitioner was condemned by the State of California under its power of eminent domain. Part of the award was paid by the State to the holder of a purchase money mortgage upon which the petitioner was not personally liable. The remainder was paid to the petitioner who forthwith invested the amount received by him in similar property. Held, that failure of the petitioner to invest in similar property the portion of the money which was paid to the mortgagee does not justify recognition of gain to the petitioner.…
1Opinion of the Court
Frank W. Babcock, Petitioner, v. Commissioner of Internal Revenue, Respondent
Babcock v. Commissioner
Docket No. 55993
United States Tax Court
28 T.C. 781; 1957 U.S. Tax Ct. LEXIS 139;
June 28, 1957, Filed
Decision will be entered under Rule 50.
1. Sec. 112 (f), I. R. C. 1939 -- Involuntary Conversion. -- The property of the petitioner was condemned by the State of California under its power of eminent domain. Part of the award was paid by the State to the holder of a purchase money mortgage upon which the petitioner was not personally liable. The remainder was paid to the petitioner who forthwith…
2Cases cited11 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Mortgage Guarantee Co. v. SampsellCalifornia Court of Appeal · 1942
- Pacific Southwest R. Co. v. Commissioner of Internal Rev.Court of Appeals for the Ninth Circuit · 1942
- Stone v. LobsienCalifornia Court of Appeal · 1952
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