44 West 3rd Street Corp. v. Commissioner
United States Tax Court
On August 5, 1955, pursuant to the provisions of the New York City Administrative Code, the city was vested with title and the right to possession under an order of condemnation of certain real property of petitioner corporation. On January 28, 1956, the corporation adopted a plan of liquidation and within 12 months dissolved and distributed its assets to its three stockholders, leaving the corporation insolvent.
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On August 5, 1955, pursuant to the provisions of the New York City Administrative Code, the city was vested with title and the right to possession under an order of condemnation of certain real property of petitioner corporation. On January 28, 1956, the corporation adopted a plan of liquidation and within 12 months dissolved and distributed its assets to its three stockholders, leaving the corporation insolvent. On September 25, 1956, the final decree fixing the amount of the condemnation award was entered and on November 5, 1956, the amount was paid to the corporation by the city of New…
1Opinion of the Court
OPINION.
Dawson, Judge:
Respondent determined a deficiency in income tax against 44 West 3rd Street Corporation for the year 1956 in the amount of $28,667.46.
Respondent has also determined transferee liabilities against the following petitioners for the years and in the amounts indicated:
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The issues for decision are:(1) Whether under section 337(a) of the Internal Bevenue Code of 1954 the 44 West 3rd Street Corporation is entitled to exclude from its gross income for 1956 a long-term capital gain in the amount of $114,669.83 which it realized from the condemnation of certain real…
2Cases cited12 opinions
- Helvering v. HammelSupreme Court of the United States · 1941
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
- Kieselbach v. CommissionerSupreme Court of the United States · 1943
- Wood Harmon Corporation v. United StatesCourt of Appeals for the Second Circuit · 1963
- Hawaiian Gas Products v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1942
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3Cited by18 opinions
- Feinberg v. CommissionerUnited States Tax Court · 1966
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
- Fibel v. CommissionerUnited States Tax Court · 1965
- Wendell v. CommissionerCourt of Appeals for the Second Circuit · 1964
- Estate of Kleemeier v. CommissionerUnited States Tax Court · 1972
13 more not listed; retrieve them via the Exa API.