Casalina Corp. v. Commissioner
United States Tax Court
Three tracts of land owned by petitioner, an accrual basis taxpayer, were condemned in the 1950's and the condemnor made deposits in the Federal District Court. During the course of the condemnation proceedings petitioner withdrew portions of these deposits in excess of its bases in the tracts. In 1967 and 1968 final judgments and interest thereon were awarded.
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Three tracts of land owned by petitioner, an accrual basis taxpayer, were condemned in the 1950's and the condemnor made deposits in the Federal District Court. During the course of the condemnation proceedings petitioner withdrew portions of these deposits in excess of its bases in the tracts. In 1967 and 1968 final judgments and interest thereon were awarded. Petitioner applied for nonrecognition of the gains on the awards under sec. 1033, I.R.C. 1954, representing that no gains were realized prior to the entry of these final judgments. Respondent initially approved petitioner's…
1Opinion of the Court
FORRESTER, Judge:
Eespondent determined deficiencies in petitioner’s Federal income taxes as follows:
Taxable year Amount 1966 1967 1968 $792. 00 40, 836. 81 124,470. 50
The parties have now agreed as to some issues and those remaining for our consideration are:(1) Whether under section 1033 1 petitioner is entitled to nonrecognition of gains realized on condemnation awards;(2) Whether gains realized by petitioner on condemnation awards are taxable as ordinary income or capital gains;(3) Whether any portion of fees paid to attorneys for services in condemnation proceedings may be allocated to…
2Cases cited43 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- United States v. LewisSupreme Court of the United States · 1951
- Thrift v. CommissionerUnited States Tax Court · 1950
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
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3Cited by21 opinions
- McManus v. CommissionerUnited States Tax Court · 1975
- Fulks v. CommissionerUnited States Tax Court · 1989
- Iske v. CommissionerUnited States Tax Court · 1980
- Jasko v. CommissionerUnited States Tax Court · 1996
- Crews v. CommissionerUnited States Tax Court · 1994
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