Winter Realty & Constr. Co. v. Commissioner
United States Tax Court
1. Prior to the taxable years here involved portions of certain properties owned by petitioner were condemned and taken for street widening.
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1. Prior to the taxable years here involved portions of certain properties owned by petitioner were condemned and taken for street widening. The compensation for the taking was paid to petitioner in the taxable years 1932, 1935, and 1936. Held, under section 112 (f) of the Revenue Acts of 1932, 1934, and 1936, petitioner did not expend any of the award money in the establishment of a replacement fund but did expend part thereof forthwith in good faith in the acquisition of other property similar or related in service or use to the property taken; held, further, in determining the amount of…
1Opinion of the Court
OPINION.
Black, Judge:
We shall consider the issues in the order-assigned.
Issues (a), (&), and (c). — Prior to 1932 the city of New York took by condemnation proceedings certain property owned by petitioner and during the years 1932, 1935, and 1936 it paid petitioner a total of $430,500 as compensation (exclusive of interest) for the property taken. This compensation represented a capital gain to petitioner of $250,379.65. Petitioner contends that it is entitled to the benefit of section 112 (f) of the Revenue Acts of 1932, 1934, and 1936, and that in accordance therewith no part of this gain…
2Cases cited2 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Kieselbach v. CommissionerSupreme Court of the United States · 1943
3Cited by26 opinions
- Petit v. CommissionerUnited States Tax Court · 1947
- Lynchburg Nat. Bank & Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- 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
- Steuart Brothers, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
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