Bandes v. Commissioner
United States Board of Tax Appeals
The condemnation of a lot owned by taxpayers, the purchase of other lots, the transfer of the latter lots to an existing corporation of which taxpayers are the only shareholders, and the lending to such corporation of the amount subsequently received as the condemnation award, held, in all the circumstances, not to be a transaction free from the recognition of gain within section 112(f), Revenue Act of 1928.
1Opinion of the Court
OPINION.
Sternhagen :
For the calendar year 1928, the Commissioner determined a deficiency in the income tax of Mendol Bandes of $4,331.92, and of Louis Bandes of $4,241.85. The Commissioner determined that the gain in that year resulting from the condemnation of land was taxable, and that the circumstances were not within section 112 (f), Revenue Act of 1928, providing for the nonrecognition of gain or loss.
The petitioners, in August 1926, being engaged generally in such business, purchased, with one Ratner, in three equal shares, a parcel of land facing on one side on Nagle Avenue and on the…
2Cases cited3 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Haberland v. CommissionerUnited States Board of Tax Appeals · 1932
- Isham v. CommissionerUnited States Board of Tax Appeals · 1932
3Cited by6 opinions
- Wilmore S.S. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Astor v. CommissionerUnited States Board of Tax Appeals · 1935
- Bandes v. CommissionerUnited States Board of Tax Appeals · 1933
- Christian Ganahl Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Continental Realty Co. v. CommissionerUnited States Tax Court · 1944
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