Buckhardt v. Commissioner
United States Board of Tax Appeals
In 1931 petitioner received an award for condemnation of his farm. In 1933 he used a part of the proceeds of the award to purchase and equip property similar in service and use, having in the meantime engaged in a continuous search for suitable property. Held, under the circumstances, that the amount of the gain from the award to be recognized should be limited under the provisions of section 112(f) of the Revenue Act of 1928.
1Opinion of the Court
OPINION.
Artjndell :
The present proceeding arises on respondent’s determination of a deficiency of $3,276.02 in petitioner’s income tax for the year 1931. The principal issue is whether petitioner is entitled to the benefit of section 112 (f) of the Revenue Act of 1928 in computing taxable gain resulting from the involuntary conversion of his property. The facts were stipulated and we set them forth only in such detail as is necessary for a decision of the question presented.
On February 25, 1922, petitioner bought a farm of 5y2 acres with á frame residence on it in the County of Queens, New…
2Cases cited1 opinion
- Dickerman v. Northern Trust Co.Supreme Court of the United States · 1900
3Cited by15 opinions
- 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
- Herder v. HelveringCourt of Appeals for the D.C. Circuit · 1939
- Steuart Brothers, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- In Re Goodman's Estate. Goodman v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
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