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Revenue Ruling 76-319

Internal Revenue Service
1976-2 Cum.Bull. 242 (1976)

Written by Nathan Benedict, JD

Facts

A corporation (the taxpayer) operated a bowling center, consisting of lanes, a lounge area, and a bar. The property was destroyed by fire. The taxpayer received insurance proceeds that it invested to build a billiard center, consisting of billiard tables, a lounge area, and a bar.

Rule of Law

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Issue

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Holding and Reasoning ()

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A "yes" or "no" answer to the question framed in the issue section;
A summary of the majority or plurality opinion, using the CREAC method; and
The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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