Legal Opinion
Lynchburg Nat. Bank & Trust Co. v. Commissioner of Internal Revenue
Court of Appeals for the Fourth Circuit
Decided December 5, 1953No. 6695_1PublishedCited by 47 opinions
1Opinion of the Court
SOPER, Circuit Judge.
Lynchburg National Bank & Trust Company, the taxpayer in this case, contends that under the provisions of Section 112(f) of the Internal Revenue Code, 26 U.S.C.A. § 112(f), 1 no gain should be recognized from the receipt by it in the taxable year 1946 of the proceeds of an insurance policy received by it because of a fire loss on a building which adjoined its banking house in Lynchburg, Virginia.
The bank bought the adjacent property in 1940 for $37,500 of which it allocated $32,274.75 to the land and $5,-225.25 to the building. The purpose was to demolish the building and…
2Cases cited7 opinions
- Massillon-Cleveland-Akron Sign Co. v. CommissionerUnited States Tax Court · 1950
- Winter Realty & Const. Co. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1945
- Haberland v. CommissionerUnited States Board of Tax Appeals · 1932
- Winter Realty & Constr. Co. v. CommissionerUnited States Tax Court · 1943
- Buckhardt v. CommissionerUnited States Board of Tax Appeals · 1935
2 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Gaynor News Co. v. CommissionerUnited States Tax Court · 1954
- Gilman v. CommissionerUnited States Tax Court · 1979
- 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
42 more not listed; retrieve them via the Exa API.