Herder v. Commissioner
United States Board of Tax Appeals
1. Where funds derived from fire insurance on a rice mill, destroyed by fire, were received in March 1934 and were reinvested in another and similar rice mill in May 1935, and during the intervening period there was a continuing purpose accompanied by diligent efforts made in good faith to so reinvest such funds, no gain or loss will be recognized under section 112(f), Revenue Act of 1934, although the permission of the Commissioner was not obtained to establish a…
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1. Where funds derived from fire insurance on a rice mill, destroyed by fire, were received in March 1934 and were reinvested in another and similar rice mill in May 1935, and during the intervening period there was a continuing purpose accompanied by diligent efforts made in good faith to so reinvest such funds, no gain or loss will be recognized under section 112(f), Revenue Act of 1934, although the permission of the Commissioner was not obtained to establish a replacement fund. 2. Where interest was not paid and the obligors were insolvent and no reason existed for believing that it would…
1Opinion of the Court
*940OPINION.
Hill:
We shall take up first the cases of R. L. Williams and his wife Alma Williams, Docket Nos. 84000 and 84001. One of the errors alleged by them was that the respondent erred in including in their income certain salary paid R. L. Williams. No evidence was taken on this issue and the finding of the respondent thereon is approved.
These petitioners next object to the determination of the respondent fixing the amount of the profit resulting from the burning of the rice mill, and the inclusion of R. L. Williams’ share of the proceeds as taxable profit or income. We agree that the…
2Cited by6 opinions
- Demirjian v. CommissionerUnited States Tax Court · 1970
- In Re Goodman's Estate. Goodman v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
- Gounares Bros. & Co., Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1961
- Demirjian v. CommissionerUnited States Tax Court · 1970
- Herder v. CommissionerUnited States Board of Tax Appeals · 1937
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