Babcock v. Commissioner
United States Tax Court
1. Sec. 112 (f), I. R. C. 1939 -- Involuntary Conversion. -- The property of the petitioner was condemned by the State of California under its power of eminent domain. Part of the award was paid by the State to the holder of a purchase money mortgage upon which the petitioner was not personally liable. The remainder was paid to the petitioner who forthwith invested the amount received by him in similar property.
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1. Sec. 112 (f), I. R. C. 1939 -- Involuntary Conversion. -- The property of the petitioner was condemned by the State of California under its power of eminent domain. Part of the award was paid by the State to the holder of a purchase money mortgage upon which the petitioner was not personally liable. The remainder was paid to the petitioner who forthwith invested the amount received by him in similar property. Held, that failure of the petitioner to invest in similar property the portion of the money which was paid to the mortgagee does not justify recognition of gain to the petitioner.…
1Opinion of the Court
OPINION.
Atkins, Judge:
The respondent determined a deficiency in the petitioner’s income tax for the calendar year 1949 in the amount of $15,323.09 and an addition thereto under section 293 (a) of the Internal Revenue Code of 1939 in the amount of $992.38. The petitioner challenges only so much of the deficiency and addition as arises out of the respondent’s determination that the petitioner realized a recognizable gain as the result of condemnation of real estate, and that the petitioner is not entitled to a deduction for an amount paid as real estate taxes.
The facts have been stipulated in…
2Cases cited10 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Mortgage Guarantee Co. v. SampsellCalifornia Court of Appeal · 1942
- Pacific Southwest R. Co. v. Commissioner of Internal Rev.Court of Appeals for the Ninth Circuit · 1942
- Stone v. LobsienCalifornia Court of Appeal · 1952
5 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Ford v. CommissionerUnited States Tax Court · 1957
- Ramey Inv. Corp. v. CommissionerUnited States Tax Court · 1967
- Wala Garage, Inc. v. United StatesUnited States Court of Claims · 1958
- Wala Garage, Inc. v. United StatesUnited States Court of Claims · 1958
- Babcock v. CommissionerUnited States Tax Court · 1957
1 more not listed; retrieve them via the Exa API.