Petit v. Commissioner
United States Tax Court
Petitioners were on the accrual basis and on or about November 30, 1939, certain property owned by them was condemned by the United States for public purposes. The price which the United States offered for the property was contested.
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Petitioners were on the accrual basis and on or about November 30, 1939, certain property owned by them was condemned by the United States for public purposes. The price which the United States offered for the property was contested. An award was rendered on June 30, 1941, in the amount of $ 189,177, on which interest was paid from November 30, 1939, to date of payment on or about July 30, 1941, in the amount of $ 17,756.73. Of the amount awarded, $ 11,949.46 was retained in the registry of the court pending the determination of tax liens which petitioners were contesting. Petitioners paid…
1Opinion of the Court
OPINION.
Black, Judge:
We discuss the issues in the order of their statement.
Issue 1. — Petitioner contends that, of the interest on the award in the amount of $17,756.73, only that part which was attributable to the calendar year 1941 in the amount of $4,829.63 should be included in his 1941 return. Petitioner concedes that since the decision of the Supreme Court in Kieselbach v. Commissioner, 317 U. S. 399, there is no longer any question but that interest received on a condemnation award is separately taxed as interest and not as a part of the sale price resulting from the condemnation…
2Cases cited9 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- United States v. Safety Car Heating & Lighting Co.Supreme Court of the United States · 1936
4 more not listed; retrieve them via the Exa API.
3Cited by48 opinions
- Harrison E. Spangler and Myrtle B. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Towanda Textiles, Inc. v. United StatesUnited States Court of Claims · 1960
- Lehigh v. R. Co. v. CommissionerUnited States Tax Court · 1949
- Galt v. CommissionerUnited States Tax Court · 1953
- Harbor Plywood Corp. v. CommissionerUnited States Tax Court · 1950
43 more not listed; retrieve them via the Exa API.