Section 10.20 Taxation of Award
| Library | Eminent Domain 3rd Edition 2013 |
Compensation for property taken under the power of eminent domain is treated as proceeds from an involuntary conversion of property under Section 1033 of the Internal Revenue Code, which provides for nonrecognition of gain so long as the property is replaced by property similar or related in service or use within a specified period of time. Section 1033(b) prescribes a transferred basis for the taxpayer’s replacement property which is designed to take the gain on the condemnation award into account when the...
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