Wolf v. Commissioner
United States Board of Tax Appeals
1. Where, pursuant to condemnation proceedings, property is taken, for public purposes, and an award is made for land and buildings so taken and severance damages, which award is paid by application against the assessment levied for benefits accruing to remaining property, the proceeding constitutes a closed transaction which may result in taxable gain. 2. The construction by the city of a street through taxpayer's property, after condemnation proceedings, in connection with…
Read the full summary
1. Where, pursuant to condemnation proceedings, property is taken, for public purposes, and an award is made for land and buildings so taken and severance damages, which award is paid by application against the assessment levied for benefits accruing to remaining property, the proceeding constitutes a closed transaction which may result in taxable gain. 2. The construction by the city of a street through taxpayer's property, after condemnation proceedings, in connection with which taxpayer receives an award for property taken, does not of itself result in the acquisition of "property similar…
1Opinion of the Court
OPINION.
Van Fossan:
A deficiency in the amount of $1,249.44 for the year 1929 is here in issue. The proposed additional tax arises from the respondent’s determination that the proceeds of an award received by taxpayer in connection with a land condemnation proceeding were taxable as income. Petitioner assigns this recognition of gain on the involuntary conversion of his property as error.
In 1920 petitioner acquired a parcel of property located in Hollywood, California, described as lot A, tract 2129, Map Book 24, page 68, Los Angeles County, California. The cost of such property was $21,000.
Bet…
2Cases cited1 opinion
- Bliss v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by4 opinions
- Christian Ganahl Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Palladium Amusement Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Pioneer Real Estate Co. v. CommissionerUnited States Board of Tax Appeals · 1942
- Wolf v. CommissionerUnited States Board of Tax Appeals · 1934