Kent Homes, Inc. v. Commissioner
United States Tax Court
Proceedings by the United States to condemn the equity of the corporate taxpayer in Wherry project property were commenced on Dec. 18, 1957, and $ 83,000 was deposited with the U.S. District Court as an estimate of the value of the equity. The property was encumbered by a mortgage securing a note of the corporation.
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Proceedings by the United States to condemn the equity of the corporate taxpayer in Wherry project property were commenced on Dec. 18, 1957, and $ 83,000 was deposited with the U.S. District Court as an estimate of the value of the equity. The property was encumbered by a mortgage securing a note of the corporation. The condemnation was contested both as to the interest in the property subject to the taking and the amount of the compensation to which the corporation was entitled. Possession was transferred to the United States effective Jan. 1, 1958. Thereafter, the United States made…
1Opinion of the Court
Kent Homes, Inc., et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Kent Homes, Inc. v. Commissioner
Docket Nos. 4456-68, 4457-68, 4458-68, 4459-68, 4536-68
United States Tax Court
55 T.C. 820; 1971 U.S. Tax Ct. LEXIS 177;
February 25, 1971, Filed
Decision will be entered for the respondent in docket No. 4456-68.
Appropriate decisions in accordance with the foregoing and, to the extent necessary, in accordance with Rule 50 will be entered in docket Nos. 4457-68, 4458-68, 4459-68, and 4536-68.
Proceedings by the United States to condemn the equity of the corporate taxpayer in…
Also in this document: Concurrence · Simpson; Concurrence · Quealy; Dissent.
2Cases cited30 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Crane v. CommissionerSupreme Court of the United States · 1947
- Helvering v. StuartSupreme Court of the United States · 1942
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Kieselbach v. CommissionerSupreme Court of the United States · 1943
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