John Richard Corp. v. Commissioner
United States Tax Court
Petitioner, a Massachusetts corporation, received proceeds from fire insurance carried on a wool-processing mill, owned and operated by it in Freetown, Mass., which was struck by lightning and destroyed by fire. Petitioner decided to replace the burned mill by purchasing an existing mill in New Hampshire. For business reasons, petitioner caused a New Hampshire corporation to be formed on August 25, 1958, for the purpose of purchasing and operating the mill.
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Petitioner, a Massachusetts corporation, received proceeds from fire insurance carried on a wool-processing mill, owned and operated by it in Freetown, Mass., which was struck by lightning and destroyed by fire. Petitioner decided to replace the burned mill by purchasing an existing mill in New Hampshire. For business reasons, petitioner caused a New Hampshire corporation to be formed on August 25, 1958, for the purpose of purchasing and operating the mill. The mill was purchased by the new corporation on August 30, 1958, and wool-processing operations began immediately. Petitioner purchased…
1Opinion of the Court
Bettce, Judge:
Respondent determined a deficiency in the income tax of petitioner for the year 1958 in the amount of $18,017.14. The sole issue is whether petitioner’s purchase of stock in a corporation organized for the purpose of acquiring and operating a mill similar to its wool-processing plant which was destroyed by fire results in nonrecognition of gain realized by petitioner from the proceeds of fire insurance carried on its destroyed property.
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation of facts and exhibits attached thereto are incorporated herein by this…
2Cases cited8 opinions
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Kobacker v. CommissionerUnited States Tax Court · 1962
- Lucile McAulay Filippini, as of the Last Will and Testament of Carra McAulay Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 1963
- Haberland v. CommissionerUnited States Board of Tax Appeals · 1932
- Gaynor News Co. v. CommissionerUnited States Tax Court · 1954
3 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
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- S. & B. Realty Co. v. CommissionerUnited States Tax Court · 1970
- Cusack v. CommissionerUnited States Tax Court · 1967
- The E. R. Hitchcock Co. v. United StatesCourt of Appeals for the Second Circuit · 1975
- ER HITCHCOCK COMPANY v. United StatesDistrict Court, D. Connecticut · 1974
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