Income Tax Keyed to Lind
Clifton Inv. Co. v. Commissioner
Petitioner, a real estate investment corporation in Ohio, sold a six-story office building to the City of Cincinnati because they were going to take it by using eminent domain. Petitioner used the building to rent to commercial tenants. The funds from the sale were used to purchase eighty-percent of the stock of The Times Square Hotel of New York. Petitioner claimed that the purchase of the stock was an investment in property similar or related in service or use to the office building it sold. The Commissioner of Internal Revenue found otherwise and assessed a tax deficiency of $19,057.09.
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