J. H. Baird Publishing Co. v. Commissioner
United States Tax Court
1. The petitioner deeded real property used in its business to a real estate agent in 1956, but retained the use of the property rent free until the real estate agent should acquire a lot and construct a new building thereon and transfer it to the petitioner. The real estate agent then deeded the property to a purchaser subject to the petitioner's use and with a part of the proceeds acquired a lot and constructed a new building.
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1. The petitioner deeded real property used in its business to a real estate agent in 1956, but retained the use of the property rent free until the real estate agent should acquire a lot and construct a new building thereon and transfer it to the petitioner. The real estate agent then deeded the property to a purchaser subject to the petitioner's use and with a part of the proceeds acquired a lot and constructed a new building. The real estate agent completed the new building and transferred it to the petitioner together with cash in 1957, whereupon petitioner relinquished the use of the old…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax of the petitioner in the years and amounts as follows:
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The issues for decision are: (1) Whether petitioner exchanged business property for property of a like kind plus cash, within the meaning of section 1031 of the Internal Revenue Code of 1954, with the result that the gain is recognizable only to the extent of the cash received, or whether, as determined by the respondent, petitioner sold its property, with the result that the full amount of gain is taxable to the petitioner; (2) if there was a sale, whether it…
2Cases cited10 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Weiss v. StearnSupreme Court of the United States · 1924
- WD Haden Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1948
- Trenton Cotton Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1945
- Majestic Securities Corp. v. Commissioner of Int. Rev.Court of Appeals for the Eighth Circuit · 1941
5 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- June Pinson Carlton and Charles T. Carlton, as Administrators of the Estate of Thad H. Carlton, and June Carlton v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Woodbury v. CommissionerUnited States Tax Court · 1967
- Biggs v. CommissionerUnited States Tax Court · 1978
- Barker v. CommissionerUnited States Tax Court · 1980
- Norman J. And Beverly G. Magneson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
21 more not listed; retrieve them via the Exa API.