Collins v. Commissioner
United States Tax Court
Petitioners' property that was used in a poultry business was sold under threat of condemnation and the proceeds used to acquire rental property and a gasoline filling station business. Held, the gain on the sale was taxable and petitioners were not entitled to the exemption provided for in section 112 (f), I. R. C. 1939, since the property acquired was not similar or related in service or use to the property converted.
1Opinion of the Court
Muleoney, Judge:
The respondent determined a deficiency in the income tax of petitioners for the taxable year 1953 in the amount of $1,881.60. Some adjustments were not contested by the petitioners and the only question presented is whether petitioners are entitled to the nonrecognition of gain exemption provided for in section 112 (f), I. R. C. 1939, with respect to a transaction wherein petitioners sold property under threat of condemnation and used the proceeds to purchase other property.
FINDINGS OF FACT.
Some of the facts were stipulated and they are found accordingly. Petitioners are…
2Cases cited4 opinions
- Lynchburg Nat'l Bank & Trust Co. v. CommissionerUnited States Tax Court · 1953
- Lynchburg Nat. Bank & Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
- Steuart Bros., Inc. v. CommissionerUnited States Tax Court · 1957
- Phillips v. CommissionerUnited States Tax Court · 1957
3Cited by11 opinions
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Wheeler v. CommissionerUnited States Tax Court · 1972
- Liant Record, Inc., William I. Alpert and Paula G. Alpert, Abraham Alpert and Sarah Alpert, Jack L. Alpert v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- De La Garza v. CommissionerUnited States Tax Court · 1966
- Estate of Bell v. CommissionerUnited States Tax Court · 1989
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