12.11 Tax Aspects of Condemnation Proceeds
| Library | The Virginia Lawyer: A Deskbook for Practitioners (Virginia CLE) (2018 Ed.) |
12.11 TAX ASPECTS OF CONDEMNATION PROCEEDS
Dealing with the Internal Revenue Service over tax treatment of proceeds from a condemnation mandates the involvement of an accountant. If not deferred, the proceeds are treated as income. The owner may defer the gain by electing to reinvest the proceeds in "like-kind" property that is "similar or related in service or use" as the property condemned for which just compensation was received. 364 The taxpayer must elect to defer the gain he or she receives in the...
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