Hudock v. Commissioner
United States Tax Court
An apartment building on petitioners' property was destroyed by fire in February 1968. The balance of the property was condemned later in 1968. Petitioners received a partial condemnation award in 1969, but the fire loss and condemnation claims were not finally settled until 1971 and 1972, respectively.
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An apartment building on petitioners' property was destroyed by fire in February 1968. The balance of the property was condemned later in 1968. Petitioners received a partial condemnation award in 1969, but the fire loss and condemnation claims were not finally settled until 1971 and 1972, respectively. Held, petitioners realized a recognizable gain upon receipt of the partial condemnation award in 1969. Held, further, condemnation award allocated between rental and personal portions of property. Held, further, respondent not barred from assessing deficiency for 1969 by either sec. 7121,…
1Opinion of the Court
OPINION
Drennen, Judge:
Respondent determined a deficiency of $1,364.35 in the joint Federal individual income tax of petitioners Frank Hudock and Mary Hudock for the taxable year ended December 31,1969. The issues presented are: ..(1) Whether petitioners realized a gain or loss upon receipt in 1969 of an estimated condemnation award for real estate and improvements thereon. A subsidiary but related question is whether petitioners may deduct in 1969 a loss on an apartment building on the land condemned which was destroyed by fire before the condemnation. A claim for insurance on the fire loss…
2Cases cited23 opinions
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- Boehm v. CommissionerSupreme Court of the United States · 1945
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- Ramsay Scarlett and Company, Inc. v. Commissioner of Internal Revenue, Baltimore Stevedoring Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1975
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