Mountain Water Co. v. Commissioner
United States Tax Court
Petitioner was a mutual water company exempt from tax under section 501(c)(12), I.R.C. 1954, and its predecessor sections under the 1939 Code, prior to 1955. The County Water District, a political subdivision of the State of California, instituted condemnation proceedings to acquire all of petitioner's operating assets.
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Petitioner was a mutual water company exempt from tax under section 501(c)(12), I.R.C. 1954, and its predecessor sections under the 1939 Code, prior to 1955. The County Water District, a political subdivision of the State of California, instituted condemnation proceedings to acquire all of petitioner's operating assets. The condemnation award was accepted by petitioner's directors on April 25, 1955, and petitioner's operating assets were immediately transferred to the county water district. The sale resulted in a large capital gain to petitioner. Petitioner was dissolved and by April 25,…
1Opinion of the Court
The Mountain Water Co. of La Crescenta, Petitioner, v. Commissioner of Internal Revenue, Respondent
Mountain Water Co. v. Commissioner
Docket No. 71607
United States Tax Court
35 T.C. 418; 1960 U.S. Tax Ct. LEXIS 9;
December 13, 1960, Filed
Decision will be entered for the petitioner.
Petitioner was a mutual water company exempt from tax under section 501(c)(12), I.R.C. 1954, and its predecessor sections under the 1939 Code, prior to 1955. The County Water District, a political subdivision of the State of California, instituted condemnation proceedings to acquire all of petitioner's operating…
2Cases cited14 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Mountain Water Co. v. CommissionerUnited States Tax Court · 1960
- Meyer's Estate v. Commissioner of Internal Revenue. (Three Cases)Court of Appeals for the Fifth Circuit · 1952
- Kennemer v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1938
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