Driscoll Bros. & Company v. United States

BRENNAN, District Judge.

This litigation involves the claimed exemption from taxation of the gain resulting from the condemnation by the State of New York of the real property of a liquidated corporation. The decision involves principally the determination for tax purposes of the date of the sale of said property and the date of the resulting taxable gain. The litigation was finally submitted to this court upon stipulated facts and the problem is to apply the law thereto. A brief background of the essential facts is set out below.

At the times pertinent herein, the plaintiff was the owner of…