Feinberg v. Commissioner
United States Tax Court
Petitioner asserts nonrecognition of condemnation gain under section 1033, I.R.C. 1954. Held, nonrecognition denied because: 1. One of the five alleged replacement properties was purchased by his controlled corporation, rather than by petitioner; 2. Three of the five alleged replacement properties were purchased out of time; and 3. The fifth alleged replacement property was not purchased with the requisite intent of replacing the converted property, and thus petitioner did…
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Petitioner asserts nonrecognition of condemnation gain under section 1033, I.R.C. 1954. Held, nonrecognition denied because: 1. One of the five alleged replacement properties was purchased by his controlled corporation, rather than by petitioner; 2. Three of the five alleged replacement properties were purchased out of time; and 3. The fifth alleged replacement property was not purchased with the requisite intent of replacing the converted property, and thus petitioner did not elect nonrecognition.
1Opinion of the Court
FoRRestee, Judge:
The respondent determined deficiencies in petitioners’ income tases as follows:
Year Deficiency
1957_ $9,207.53
1959_ 19,138.99
Some of the issues have been conceded by tbe petitioners, leaving for our decision the following: (1) Did the petitioners, for the purpose of replacing condemned property, invest proceeds received therefrom in five other properties “similar or related in service or use”; (2) was one of such five other properties in fact purchased by the petitioners; and (3) were three of such other properties purchased timely within the meaning of section 1033 (a) (3)…
2Cases cited13 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- Jackson v. United StatesSupreme Court of the United States · 1964
- Wood Harmon Corporation v. United StatesCourt of Appeals for the Second Circuit · 1963
- Hawaiian Gas Products v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1942
- Wood Harmon Corporation v. United StatesDistrict Court, S.D. New York · 1962
8 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Conlorez Corp. v. CommissionerUnited States Tax Court · 1968
- Vaira v. CommissionerUnited States Tax Court · 1969
- Adolph K. Feinberg and Virginia B. Feinberg, His Wife v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1967
- Aldridge v. CommissionerUnited States Tax Court · 1968
- Kent Homes, Inc. v. CommissionerUnited States Tax Court · 1971
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