Buffalo Wire Works Co. v. Comm'r
United States Tax Court
The city of Buffalo condemned petitioner's land, building, and fixtures. Under New York law, the award that petitioner would receive for the fixtures was determined as the lesser of: (1) The difference between present value in place and salvage value; and (2) the costs of disassembling, trucking, and reassembling the fixtures. The latter was used to value the fixtures.
Read the full summary
The city of Buffalo condemned petitioner's land, building, and fixtures. Under New York law, the award that petitioner would receive for the fixtures was determined as the lesser of: (1) The difference between present value in place and salvage value; and (2) the costs of disassembling, trucking, and reassembling the fixtures. The latter was used to value the fixtures. Petitioner treated the entire condemnation award, which was received in 1972, as an amount realized upon the involuntary conversion of property into money under sec. 1033, I.R.C. 1954. Petitioner purchased qualified replacement…
1Opinion of the Court
Buffalo Wire Works Company, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Buffalo Wire Works Co. v. Comm'r
Docket No. 5963-76
United States Tax Court
74 T.C. 925; 1980 U.S. Tax Ct. LEXIS 90;
July 31, 1980, Filed
Decision will be entered for the petitioner.
The city of Buffalo condemned petitioner's land, building, and fixtures. Under New York law, the award that petitioner would receive for the fixtures was determined as the lesser of: (1) The difference between present value in place and salvage value; and (2) the costs of disassembling, trucking, and reassembling the fixtures.…
2Cases cited13 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Union Planters National Bank of Memphis v. United StatesCourt of Appeals for the Sixth Circuit · 1970
- Golsen v. CommissionerUnited States Tax Court · 1970
- Louis Spitalny and Betty Spitalny, His Wife v. United States of America, William Erdwurm and Bart F. Erdwurm, His Wife v. United StatesCourt of Appeals for the Ninth Circuit · 1970
- Harvey Textile Co. v. HillSupreme Court of Connecticut · 1949
8 more not listed; retrieve them via the Exa API.