Masser v. Commissioner
United States Tax Court
Petitioner incident to his operation of an interstate truck line had a terminal serving the New York metropolitan area consisting of two pieces of property practically adjacent and used as an economic unit. He was forced to sell one piece of property under threat of condemnation.
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Petitioner incident to his operation of an interstate truck line had a terminal serving the New York metropolitan area consisting of two pieces of property practically adjacent and used as an economic unit. He was forced to sell one piece of property under threat of condemnation. Since the continued operation of his business on the remaining piece of property was impractical, he decided to sell the remaining piece also and invested the proceeds of both sales in similar property in the general area. Held, the sale of both pieces of property constituted an involuntary conversion within the…
1Opinion of the Court
Respondent determined a deficiency in petitioners’ income tax for the year 1951 of $4,739.94. The sole issue in this case is the applicability of section 112 (f) of the Internal Revenue Code of 1939 to the disposition of a terminal building and land nsed in petitioners’ trucking business.
FINDINGS OF FACT.
The parties have filed herein a stipulation of facts and we incorporate herein by this reference the stipulation, together with the exhibits attached thereto.
The petitioners, Harry G. Masser and Evelyn II. Masser, are husband and wife with principal residence in Blue Bidge Summit,…
2Cases cited2 opinions
- Tyler v. United StatesSupreme Court of the United States · 1930
- Massillon-Cleveland-Akron Sign Co. v. CommissionerUnited States Tax Court · 1950
3Cited by18 opinions
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- S. & B. Realty Co. v. CommissionerUnited States Tax Court · 1970
- Warner v. CommissionerUnited States Tax Court · 1971
- Dorothy C. Thorpe Glass Mfg. Corp. v. CommissionerUnited States Tax Court · 1968
- S. H. Kress & Co. v. CommissionerUnited States Tax Court · 1963
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