Pioneer Real Estate Co. v. Commissioner
United States Board of Tax Appeals
1. An award for severance damages to property remaining after a condemnation, where no special benefit assessment is levied, held to be applied against, and in reduction of, the basis of the remaining property, rather than added to the gain upon the property taken. 2. The amount added to a condemnation award as interest is not ordinary income.
1Opinion of the Court
PIONEER REAL ESTATE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Pioneer Real Estate Co. v. Commissioner
Docket No. 105267.
United States Board of Tax Appeals
47 B.T.A. 886; 1942 BTA LEXIS 635;
October 13, 1942, Promulgated
1. An award for severance damages to property remaining after a condemnation, where no special benefit assessment is levied, held to be applied against, and in reduction of, the basis of the remaining property, rather than added to the gain upon the property taken.
2. The amount added to a condemnation award as interest is not ordinary income.
Cedric A.…
2Cases cited14 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- United States v. Safety Car Heating & Lighting Co.Supreme Court of the United States · 1936
- Appleby v. CommissionerUnited States Board of Tax Appeals · 1940
- Barbour v. CommissionerUnited States Board of Tax Appeals · 1941
- Pioneer Real Estate Co. v. CommissionerUnited States Board of Tax Appeals · 1942
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