Central & Pacific Improv. Corp. v. Commissioner
United States Board of Tax Appeals
1. The whole amount of award to petitioner for property condemned and taken by the city for public use should be considered as received by him in the taxable year, where a part of it is offset against assessments for improvements. 2. Benefit assessments paid by such award may be added to the cost of the property for the purpose of determining taxable gain from the award received for the taking of a portion thereof.
1Opinion of the Court
CENTRAL & PACIFIC IMPROVEMENT CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. 1
Central & Pacific Improv. Corp. v. Commissioner
Docket No. 68317.
United States Board of Tax Appeals
33 B.T.A. 300; 1935 BTA LEXIS 769;
October 29, 1935, Promulgated
1. The whole amount of award to petitioner for property condemned and taken by the city for public use should be considered as received by him in the taxable year, where a part of it is offset against assessments for improvements.
2. Benefit assessments paid by such award may be added to the cost of the property for the purpose of…
2Cases cited2 opinions
- Central & Pacific Improv. Corp. v. CommissionerUnited States Board of Tax Appeals · 1936
- Central & Pacific Improv. Corp. v. CommissionerUnited States Board of Tax Appeals · 1935