Legal Opinion
Commissioner of Internal Revenue v. Fortee Properties, Inc.
Court of Appeals for the Second Circuit
Decided April 5, 1954No. 22791_1PublishedCited by 14 opinions
1Opinion of the Court
FRANK, Circuit Judge.
The question presented is whether a condemnation award to a mortgagee on a non-assumed mortgage -is taxable as a gain to the owner of the properties under the provisions of § 112(f) of the Internal Revenue Code, 26 U.S.C.A. § 112(f). The Tax Court found that the taxpayer’s “property was condemned and involuntarily converted into money in the amount of $44,096.67,” and accordingly held that no gain to the taxpayer was to be recognized on the payment to the mortgagee. The tacit assumption essential to the court’s decision is that the word “property” in § 112(f) of the…
2Cases cited1 opinion
- Crane v. CommissionerSupreme Court of the United States · 1947
3Cited by14 opinions
- Columbus & G. R. Co. v. CommissionerUnited States Tax Court · 1964
- Forest G. Smith, Jr., and Rose Mary Smith v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Estate of Levine v. CommissionerUnited States Tax Court · 1979
- Babcock v. CommissionerUnited States Tax Court · 1957
- Commissioner of Internal Revenue v. Frank W. BabcockCourt of Appeals for the Ninth Circuit · 1958
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