Templeton v. Commissioner
United States Tax Court
When P learned that some of his unimproved land would be condemned, he caused TPT to be formed and transferred to it other unimproved land owned jointly with his children. Upon receiving the condemnation award, P transferred the proceeds to TPT in exchange for additional shares of its stock. TPT subsequently used a substantial portion of such proceeds to purchase property from P and his children.
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When P learned that some of his unimproved land would be condemned, he caused TPT to be formed and transferred to it other unimproved land owned jointly with his children. Upon receiving the condemnation award, P transferred the proceeds to TPT in exchange for additional shares of its stock. TPT subsequently used a substantial portion of such proceeds to purchase property from P and his children. Held, P did not acquire TPT stock for the purpose of replacing condemned property within the meaning of sec. 1033(a)(3)(A), I.R.C. 1954.
1Opinion of the Court
* Frank G. Templeton and Helen M. Templeton, Petitioners v. Commissioner of Internal Revenue, Respondent
Templeton v. Commissioner
Docket No. 216-74
United States Tax Court
66 T.C. 509; 1976 U.S. Tax Ct. LEXIS 88;
June 21, 1976, Filed
Decision will be entered for the respondent.
When P learned that some of his unimproved land would be condemned, he caused TPT to be formed and transferred to it other unimproved land owned jointly with his children. Upon receiving the condemnation award, P transferred the proceeds to TPT in exchange for additional shares of its stock. TPT subsequently used a…
2Cases cited24 opinions
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- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. TowerSupreme Court of the United States · 1946
- Higgins v. SmithSupreme Court of the United States · 1940
- Weiss v. StearnSupreme Court of the United States · 1924
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