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Tax Consideration in Condemnation Proceedings by Homer Gilchrist Homer R. Gilchrist, audit supervisor in our Phoenix office, came to TRB&S in 1959 and spent three years in our Detroit office before moving to Phoenix. He was an economics major at Oberlin College and received his B.A. in 1958. He received his M.B.A. from the University of Michigan in 1959. Mr. Gilchrist is a member of the American Institute of Certified Public Accountants, a member of the Arizona Society of Certified Public Accountants, where he serves on the Reporting Standards Committee, and a member of the American Institute of Internal Auditors. He is a CPA in both Michigan and Arizona. Do you own or manage real estate which has been condemned or is likely to be? If so, your plight is one which is becoming more widespread as the interstate highway system progresses and more communities embark on urban renewal projects. Business managers are frequently forced to relocate a plant or office building because the property on which the building is located has been condemned. Similarly, investors in real property may often have to find another investment because their real estate has been taken by a condemning authority. Condemnation proceedings not only interrupt business operations and investment programs, but in many cases result in partial or total loss of the property involved. This loss gives rise to a variety of income tax problems because of the special tax rules applicable. It is very important that the owner or manager of property about to be condemned acquaint himself with these special rules, so that he may realize the maximum tax benefit from the condemnation award. The Tax Law of Condemnations A condemnation of property is a tax transaction resulting in gain or loss very much as if the property were sold or exchanged. A taxable gain or loss is realized when the 20 THE QUARTERLY
Object Description
Title |
Tax consideration in condemnation proceedings |
Author |
Gilchrist, Homer R. |
Subject |
Eminent domain -- Taxation |
Personal Name |
Gilchrist, Homer R. |
Portrait |
Gilchrist, Homer R. |
Office/Department |
Haskins & Sells. Phoenix Office |
Citation |
Quarterly, Vol. 11, no. 4 (1965, December), p. 20-22 |
Date-Issued | 1965 |
Source | Originally published by: Touche, Ross, Bailey & Smart |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF image with OCR under text, scanned at 400dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi. Digital Accounting Collection |
Date-Digitally Created | 2009 |
Language | eng |
Identifier | Quarterly_1965_December-p20-22 |