Kieselbach v. Commissioner
United States Board of Tax Appeals
1. SALE OR EXCHANGE. - The taking of property by condemnation and the payment of just compensation is a sale or exchange within the meaning of section 117(a) of the Revenue Act of 1936 and the profit from that transaction is a capital gain. 2. JUST COMPENSATION FOR PROPERTY TAKEN BY CONDEMNATION. - The entire amount received as just compensation for property taken by condemnation is held to be the amount realized from the disposition of the property even though the…
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1. SALE OR EXCHANGE. - The taking of property by condemnation and the payment of just compensation is a sale or exchange within the meaning of section 117(a) of the Revenue Act of 1936 and the profit from that transaction is a capital gain. 2. JUST COMPENSATION FOR PROPERTY TAKEN BY CONDEMNATION. - The entire amount received as just compensation for property taken by condemnation is held to be the amount realized from the disposition of the property even though the computation by which it was determined included interest on a principal amount from a date prior to the date of actual payment of…
1Opinion of the Court
HENRY A. KIESELBACH AND OLGA M. KIESELBACH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kieselbach v. Commissioner
Docket No. 98897.
United States Board of Tax Appeals
44 B.T.A. 279; 1941 BTA LEXIS 1353;
April 24, 1941, Promulgated
1. SALE OR EXCHANGE. - The taking of property by condemnation and the payment of just compensation is a sale or exchange within the meaning of section 117(a) of the Revenue Act of 1936 and the profit from that transaction is a capital gain.
2. JUST COMPENSATION FOR PROPERTY TAKEN BY CONDEMNATION. - The entire amount received as just compensation for…
2Cases cited9 opinions
- Bauman v. RossSupreme Court of the United States · 1897
- Helvering v. HammelSupreme Court of the United States · 1941
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- Garrison v. City of New YorkSupreme Court of the United States · 1875
- Electro-Chemical Engraving Co. v. CommissionerSupreme Court of the United States · 1941
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