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Harry G. Masser v. Commissioner

United States Tax Court
30 T.C. 741 (1958)


Harry G. Masser (plaintiff) ran an interstate trucking business. He purchased two properties located across the street from each other. Masser improved the first property with an office building and used it for loading and unloading trucks. He used the second property to park his trucks. In so doing, Masser used the two properties as one economic unit. Masser sold the parking area once it became subject to the threat of condemnation. The improved property was not under threat of condemnation. However, if Masser had kept the improved property, the closest parking area he could obtain would have been about a mile and half away. The distance would have led to additional expenses for labor, increased risk of accidents or theft, delivery delays, and issues of traffic management. Masser therefore decided in good faith to sell the improved property and use the proceeds from both sales to purchase new property where he could keep an office and parking area nearby each other. It is conceded that the sale of the parking area constitutes an involuntary conversion under § 112(f)(1) of the Internal Revenue Code. Masser claimed that the sale of the improved property also constituted an involuntary conversion.

Rule of Law


Holding and Reasoning (Kern, J.)

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