Petersen v. Commissioner
United States Tax Court
In 1944 the Office of Defense Transportation took possession and control of the petitioner's transportation system which it retained until late in 1945. In 1952 the Motor Carrier Claims Commission made an award in favor of the petitioner for just compensation on account of such taking. The award included an amount representing the net rental value of the transportation system and a sum equivalent to interest.
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In 1944 the Office of Defense Transportation took possession and control of the petitioner's transportation system which it retained until late in 1945. In 1952 the Motor Carrier Claims Commission made an award in favor of the petitioner for just compensation on account of such taking. The award included an amount representing the net rental value of the transportation system and a sum equivalent to interest. The Commission determined that the United States was entitled to a credit in the amount of advances made by the United States in connection with the operation of the system, and the…
1Opinion of the Court
Atkins, Judge:
The respondent determined a deficiency in income tax for the taxable year 1952 in the amount of $29,215.89, and by amendment to his answer asserted a claim for an increase of $4,630.64 in the deficiency. The petitioner alleged an overpayment of the tax by the amount of $16,407.97.
The principal question presented is whether, as determined by the respondent, the amount of an award by the Motor Carrier Claims Commission received by the petitioner in 1952 constituted taxable income in the year 1952 or whether, as contended by the petitioner, he made a valid election pursuant to…
2Cases cited8 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- Phelps v. United StatesSupreme Court of the United States · 1927
- Ethel West Cotnam v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1959
- Cotnam v. CommissionerUnited States Tax Court · 1957
3 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Kenseth v. CommissionerUnited States Tax Court · 2000
- O'Brien v. CommissionerUnited States Tax Court · 1962
- Reffett v. CommissionerUnited States Tax Court · 1963
- Coady v. CommissionerUnited States Tax Court · 1998
- Gadlow v. CommissionerUnited States Tax Court · 1968
10 more not listed; retrieve them via the Exa API.