General Baking Co. v. Commissioner
United States Tax Court
Condemnation proceeding against petitioner's land and structures was commenced in December 1960 and an estimated amount deposited with the court at that time.
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Condemnation proceeding against petitioner's land and structures was commenced in December 1960 and an estimated amount deposited with the court at that time. Petitioner appealed the amount of the prospective award in 1961 and an increased amount was agreed upon so that vesting under Ohio law occurred on Apr. 1, 1961. Petitioner retained physical possession of property throughout 1960. Held, under Ohio law, there was no actual or constructive receipt of any part of the award, nor was it subject to any claim of right by petitioner until 1961, so that gain on the property was taxable to this…
1Opinion of the Court
FORRESTER, Judge:
Respondent has determined deficiencies in the income taxes of petitioner in the amounts of $212,871.88 and $23,240.42 for the taxable years 1958 and 1959, respectively. Concessions have been made, and the only issue now remaining is whether a long-term capital gain realized from a condemnation proceeding is to be taxed completely or in part in 1960 when the condemnation proceedings commenced or in 1961 when the proceedings ended and the award was received.1
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The petitioner is a corporation whose principal…
2Cases cited12 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Patrick McGuirl, Inc. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1935
- Baltimore & OR Co. v. Commissioner of Internal Rev.Court of Appeals for the Fourth Circuit · 1935
- Nitterhouse v. United StatesCourt of Appeals for the Third Circuit · 1953
- Cohen v. CommissionerUnited States Tax Court · 1963
7 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Aldridge v. CommissionerUnited States Tax Court · 1968
- Kent Homes, Inc. v. United StatesDistrict Court, D. Kansas · 1967
- Snyder Air Products, Inc. v. CommissionerUnited States Tax Court · 1979
- Goldfield v. Comm'rUnited States Tax Court · 1967
- Aldridge v. CommissionerUnited States Tax Court · 1968
6 more not listed; retrieve them via the Exa API.