Goodman v. Commissioner
United States Tax Court
Two days prior to his death, decedent received the proceeds from a condemnation award from the involuntary conversion of real property. Decedent realized a gain therefrom. His personal representative reinvested the money in property similar or related in service or use to the property converted, and claimed the benefits of section 112 (f), Internal Revenue Code.
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Two days prior to his death, decedent received the proceeds from a condemnation award from the involuntary conversion of real property. Decedent realized a gain therefrom. His personal representative reinvested the money in property similar or related in service or use to the property converted, and claimed the benefits of section 112 (f), Internal Revenue Code. Respondent refused to allow postponement of the recognition of gain upon the theory that the statutory conditions can only be complied with by the taxpayer, individually. Held, the benefits of section 112 (f), permitting…
1Opinion of the Court
OPINION.
Bice, Judge:
This case presents a new facet of the tax problem that arises where property is involuntarily converted into cash. Petitioner’s decedent received a condemnation award two days prior to his death. Except for the property purchased on October 20, 1944, the acquisition of which does not affect the tax problem presented, decedent was unable during this short interval to reinvest the proceeds in other property similar or related in service or use to the property so converted. Thereafter, decedent’s personal representative acquired similar property and contends that decedent is…
2Cases cited5 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Winter Realty & Const. Co. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1945
- Winter Realty & Constr. Co. v. CommissionerUnited States Tax Court · 1943
- Herder v. HelveringCourt of Appeals for the D.C. Circuit · 1939
- Twinboro Corp. v. CommissionerCourt of Appeals for the Second Circuit · 1945
3Cited by11 opinions
- Estate of Jayne v. CommissionerUnited States Tax Court · 1974
- Resler v. CommissionerUnited States Tax Court · 1952
- In Re Goodman's Estate. Goodman v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
- Estate of Morris v. CommissionerUnited States Tax Court · 1971
- Estate of Gregg v. CommissionerUnited States Tax Court · 1977
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