Liant Record, Inc. v. Commissioner
United States Tax Court
The petitioners owned an office building in New York City, title to which was taken by the City of New York under condemnation proceedings. The proceeds were used by the petitioners to buy three apartment buildings in New York City.
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The petitioners owned an office building in New York City, title to which was taken by the City of New York under condemnation proceedings. The proceeds were used by the petitioners to buy three apartment buildings in New York City. Held, that the properties purchased did not constitute "property similar or related in service or use to the property so converted," within the meaning of section 1033(a)(3)(A) of the Internal Revenue Code of 1954, and that the petitioners are therefore not entitled to nonrecognition of gain upon the disposition of the office building. Thomas McCaffrey, Jr., 31…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax against tbe petitioners for the calendar year 1955, as follows:
Docket No. Amount
72955_ $15, 561. 02
88431_ 31,492.43
83432_ 30,352. 69
83433_ 30,310.37
The only issue presented is whether the petitioners reinvested the proceeds received by them from the condemnation of property in property similar or related in service or use to the property condemned within the meaning of section 1083(a) of the Internal Revenue Code of 1954.
FINDINGS OF FACT.
Some of the facts have been stipulated and such stipulated facts are incorporated herein…
2Cases cited12 opinions
- Lynchburg Nat. Bank & Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
- Massillon-Cleveland-Akron Sign Co. v. CommissionerUnited States Tax Court · 1950
- United States v. KaufmanSupreme Court of the United States · 1925
- Kimbell-Diamond Milling Co. v. CommissionerUnited States Tax Court · 1948
- Winter Realty & Const. Co. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1945
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3Cited by20 opinions
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Wheeler v. CommissionerUnited States Tax Court · 1972
- 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
- Clifton Inv. Co. v. CommissionerUnited States Tax Court · 1961
- The Clifton Investment Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
15 more not listed; retrieve them via the Exa API.