Ferreira v. Commissioner
United States Tax Court
In 1961, a summons and complaint was filed by the Honolulu Redevelopment Agency, condemning property owned by the petitioners in Honolulu, Hawaii. The question of an appropriate condemnation award was then litigated in a State court.
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In 1961, a summons and complaint was filed by the Honolulu Redevelopment Agency, condemning property owned by the petitioners in Honolulu, Hawaii. The question of an appropriate condemnation award was then litigated in a State court. In 1967, the petitioners obtained a final judgment, awarding them a total of $ 111,000, which amount included $ 26,000 as "interest by way of damages from the date of summons to the date of entry of judgment, less offset for the reasonable value of the use and possession by the owners during said period." The petitioners did not include the $ 26,000 in their…
1Opinion of the Court
Hoyt, Judge:
Tbe respondent determined a deficiency in the petitioners’ income tax for the calendar year 1967 in the amount of $6,362.45.
The issue presented for our decision is whether $26,000 received by the petitioners in 1967 as part of a condemnation award is taxable as ordinary income in that year.
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly. The stipulated facts and exhibits are incorporated herein by this reference.
At the time the petition herein was filed, the petitioners, William C. and Alice C. Ferreira, resided at 2054 Leiloke Drive, Honolulu,…
2Cases cited15 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Kieselbach v. CommissionerSupreme Court of the United States · 1943
- United States v. RogersSupreme Court of the United States · 1921
- In Re the Estate of CampbellHawaii Supreme Court · 1963
- Isaac G. Johnson & Co. v. United StatesCourt of Appeals for the Second Circuit · 1945
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3Cited by11 opinions
- Midkiff v. CommissionerUnited States Tax Court · 1991
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- Fulks v. CommissionerUnited States Tax Court · 1989
- Ferreira v. CommissionerUnited States Tax Court · 1972
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