Steuart Bros., Inc. v. Commissioner
United States Tax Court
Where petitioner was in the business of acquiring and holding real property for the production of income, by way of rent or otherwise, and certain property on which it had planned to erect warehouses for rental was condemned, and the proceeds from the condemnation proceedings were reinvested in income-producing properties, which properties were at the time of purchase improved with garages, service stations, and automobile salesrooms, held, there was not sufficient…
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Where petitioner was in the business of acquiring and holding real property for the production of income, by way of rent or otherwise, and certain property on which it had planned to erect warehouses for rental was condemned, and the proceeds from the condemnation proceedings were reinvested in income-producing properties, which properties were at the time of purchase improved with garages, service stations, and automobile salesrooms, held, there was not sufficient similarity or relation in service and use to the converted property to entitle petitioner to nonrecognition of the gain upon the…
1Opinion of the Court
OPINION.
Train, Judge:
The Commissioner determined a deficiency of $81,162.37 in the income tax of petitioner for the calendar year ended December 31, 1951. The only issue is whether petitioner reinvested the proceeds from condemnation proceedings in “property similar or related in service or use” to the property condemned within the meaning of section 112 (f) of the Internal Kevenue Code of 1939. ,
All the facts have -been stipulated, and are hereby found as stipulated.
Petitioner is a Delaware corporation with its principal place of business in Washington, D. C., and has been engaged in…
2Cases cited7 opinions
- Lynchburg Nat'l Bank & Trust Co. v. CommissionerUnited States Tax Court · 1953
- Lynchburg Nat. Bank & Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
- Massillon-Cleveland-Akron Sign Co. v. CommissionerUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. CommissionerUnited States Tax Court · 1948
- Winter Realty & Const. Co. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1945
2 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Loco Realty Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Liant Record, Inc., William I. Alpert and Paula G. Alpert, Abraham Alpert and Sarah Alpert, Jack L. Alpert v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Liant Record, Inc. v. CommissionerUnited States Tax Court · 1961
- McCaffrey v. CommissionerUnited States Tax Court · 1958
- Filippini v. United StatesDistrict Court, N.D. California · 1961
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