U.S. Court of Appeals for the Fourth Circuit, 1978

Frank G. Templeton and Helen M. Templeton v. Commissioner of Internal Revenue

U.S. Court of Appeals for the Fourth Circuit · Decided April 18, 1978 · Winter, Lay, Hall

573 F.2d 866; 41 A.F.T.R.2d (RIA) 1186; 1978 U.S. App. LEXIS 11605 (Federal Reporter, Second Series)

Counsel

J. Randall Groves, Charlotte, N. C. (Bryant, Groves & Essex, Charlotte, N. C., on brief), for appellants., Leon G. Wigrizer, Washington, D. C. (Myron C. Baum, Acting Asst. Atty. Gen., Gilbert E. Andrews, William S. Estabrook and James S. Maxwell, Attys., Tax Division, Dept, of Justice, Washington, D. C., on brief), for appellee.

Cases that cite this one

3 later published cases cite this decision.

Taft Broadcasting Company v. United States (6th Cir. 1991)
Kahl v. Commissioner (United States Tax Court 1986)
Hart Schaffner & Marx & Subsidiaries v. Commissioner (United States Tax Court 1982)

This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.

Opinion

PER CURIAM:

The Tax Court held that taxpayers had failed to prove that they were entitled to non-recognition of capital gains as provided by § 1033(a)(3)(A) of the Internal Revenue Code of 1954 when they expended the proceeds of a condemnation award to purchase control of a corporation which they had organized and to which they had conveyed some real property owned by them and members of their family before the condemnation award was made. Frank G. and Helen M. Templeton, 66 T.C. 51 (1976).

The issue of whether the purchase of control was of a corporation “owning . property similar or related in service or use to the property so [condemned] . for the purpose of replacing the property so [condemned]” was largely factual. From our review of the record and consideration of the arguments, both written and oral, we conclude that the Tax Court correctly found the facts, applied the correct legal standards and reached the correct conclusion. We affirm on its opinion.

AFFIRMED.

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