§1332

67 cases·4 followed·1 distinguished·3 overruled·59 cited—6% support

Statute Text — 26 U.S.C. §1332

Statute text not available for this section.

Treasury Regulations

Treas. Reg. §Treas. Reg. §1.1332-1 Inclusion in gross income of war loss recoveries
Treas. Reg. §Treas. Reg. §1.1332-1(a) Such gain is recognized or not recognized under the provisions of section 1033, relating to gain on the involuntary conversion of property.
Treas. Reg. §Treas. Reg. §1.1332-1(b) If such gain is recognized, it is included in gross income as ordinary income or, if the provisions of section 1231(a) apply and require such treatment, as gain on the sale or exchange of a capital asset held for more than six months.
Treas. Reg. §Treas. Reg. §1.1332-1(c) Section 1336 provides that in determining the unadjusted basis of recovered property, the total gain and the recognized gain with respect to such property must be determined.
Treas. Reg. §Treas. Reg. §1.1332-1(i) The amount of the recoveries for any day is not included in gross income, and is not considered gain on an involuntary conversion, to the extent, if any, that the aggregate of the allowable deductions in prior taxable years on account of war losses which did not result in a reduction of any tax of the taxpayer under chapter 1 or 2 of the Internal Revenue Code of 1939, as determined under § 1.

67 Citing Cases

OVERRULED Estate of Willis Edward Clack, Deceased; Marshall & Ilsley Trust Company, Co-Personal Representative; & Richard E. Clack, Co-Personal Representative, Petitioners 106 T.C. No. 6 · 1996

are not dealing with refund, diversity jurisdiction, or tort claims; (2) we are not compelled to follow the rationale of refund, diversity, or Federal tort claims cases; and, significantly, (3) the dissent relies on the diversity cases despite Congress’ having enacted legislation that effectively “overrules” them.

Estate of Clack v. Commissioner 106 T.C. 131 · 1996

1332 was amended in 1988 to ensure that the citizenship of represented parties will be determined according to the citizenship of the represented party — not the fiduciary. 134 Cong. Rec. 31051 (1988). Congress was concerned with attorneys’ using out-of-State fiduciaries solely to create diversity of citizenship for access to the Federal court

Blue Lake Rancheria Economic Development Corporation, Petitioner · 2019

1332, "the distinction between an incorporated subsidiary and an unincorporated division is important * * * . 'A division ofa corporation does not possess the formal separateness * * * and thus is not an independent entity'" (quoting Schwartz v. Elec. Data Sys., Inc., 913 F.2d 279, 284 (6th Cir. 1990))); Stotter & Co. v. Amstar Corp. (In re Su

Mainstay Business Solutions, Petitioner · 2019

Robert Lippolis, Petitioner · 2014

1332(a) (2012) ("The district courts shall have originaljurisdiction ofall civil actions where the matter in controversy exceeds the sum or value of$75,000".); id. sec. 1346 ("The district courts shall have originaljurisdiction, concurrent with the United States Court ofFederal _ 9 _ Claims, of* * * [a]ny other civil action or claim against t

Jean A. Stanko, Petitioner T.C. Memo. 1996-530 · 1996

That Court filed its Memorandum of Decision on January 11, 1991. In it, the District Court found that petitioner and Stanko intended to defraud Stanko's creditors, Giove v. Stanko, supra, slip op. at 14, and that Stanko was insolvent and had been since September 17, 1984, id. at 9-10. The District Court held that Stanko's transfers of

United States v. Marzzarella 614 F.3d 85 · Cir.

Fisherman's Harvest, Inc., C. Joe Nelson, Jr., Doris Mae Nelson, Vanessa Jo Nelson Vallejo, Vickie Jo Nelson Salazar, and Nelson Fisherman's Harvest, Inc., and Childress Seafood, Inc., W.F. Childress, and Alton Lee Kelly v. Pbs & J (Formerly Known as Espey, Huston & Associates, Inc.), and Bertucci Contracting Corporation, and Luhr Brothers, Inc., and Bradley Industrial Textiles, Inc., and Nicolon Corporation (Also Known as Ten Cate Nicolon), and Huston & Associates, Inc., and Weeks Marine, Inc., Defendant/third Party v. United States Army Corps of Engineers, Third Party 490 F.3d 1371 · Cir.

Full Circle Villagebrook GP, LLC v. Protech 2004-D, LLC 119 F.4th 522 · Cir.

AMTAX Holdings 227, LLC v. CohnReznick LLP 136 F.4th 32 · Cir.

Norfolk Southern Railway Co. v. Pittsburgh & West Virginia Railroad 870 F.3d 244 · Cir.

Rexing Quality Eggs v. Rembrandt Enterprises, Inc. · Cir.

Lippolis v. Commissioner 143 T.C. 393 · 2014

Meier v. Commissioner 91 T.C. 273 · 1988

Lydon v. Commissioner 56 T.C. 128 · 1971

DiCarlo v. St. Mary Hospital 530 F.3d 255 · Cir.

United States v. Laboy-Torres 553 F.3d 715 · Cir.

Edwards v. HOVENSA, LLC 497 F.3d 355 · Cir.

Umland v. PLANCO Financial Services, Inc. 542 F.3d 59 · Cir.

Lohnes v. Level 3 Communications, Inc. 272 F.3d 49 · Cir.

Cambridge Literary Properties, Ltd. v. W. Goebel Porzellanfabrik G.M.B.H. & Co. Kg. 510 F.3d 77 · Cir.

Waldron v. George Weston Bakeries Inc. 570 F.3d 5 · Cir.

Freedom From Religion Foundation, Inc. v. Geithner 644 F.3d 836 · Cir.

Hussain v. Boston Old Colony Insurance 311 F.3d 623 · Cir.

Grable & Sons Metal v. Darue Engineering · Cir.

SE TX Inns Inc v. May-Ridge, L.P. · Cir.

Lexington Natl Ins v. Ranger Ins Co · Cir.

Edwards v. Hovensa LLC · Cir.

Umland v. Planco Fin Ser Inc · Cir.

DiCarlo v. St Mary Hosp · Cir.

United States v. Marco Laboy-Torres · Cir.

MRL Development I, LLC v. Whitecap Investment Corp. 64 V.I. 724 · Cir.

Tilden v. Commissioner 846 F.3d 882 · Cir.

Medical College of Wisconsin v. United States · Cir.

United States v. Aracelis Ayala 917 F.3d 752 · Cir.

Squeri v. Mount Ida College 954 F.3d 56 · Cir.

Black Bear Sports Group, Inc. v. Amateur Hockey Association of · Cir.

Roderick Magadia v. Wal-Mart Associates · Cir.

Roderick Magadia v. Wal-Mart Associates 999 F.3d 668 · Cir.

Rivero v. Fidlty Investments 1 F.4th 340 · Cir.

AMTAX Holdings 227, LLC v. Tenants' Development II Corp. 15 F.4th 551 · Cir.

Birdman v. Office of the Governor 677 F.3d 167 · Cir.

Speroni S.P.A. v. Perceptron, Inc. 12 F. App'x 355 · Cir.

Lexington National Insurance Corporation v. Ranger Insurance Company 326 F.3d 416 · Cir.

Grable & Sons Metal Products, Inc. v. Darue Engineering & Manufacturing 377 F.3d 592 · Cir.

Pitman Farms v. Kuehl Poultry, LLC 48 F.4th 866 · Cir.

Wachovia Bank, National Association v. Daniel G. Schmidt, Iii 445 F.3d 762 · Cir.

Southeast Texas Inns, Inc. v. Prime Hospitality Corporation 462 F.3d 666 · Cir.

Warriner v. Stanton 475 F.3d 497 · Cir.

Judy Larson v. AT&T Mobility LLC 687 F.3d 109 · Cir.

RTR Technologies, Inc. v. Helming 707 F.3d 84 · Cir.

Medical College of Wisconsin Affiliated Hospitals, Inc. v. United States 854 F.3d 930 · Cir.

Single Employer Welfare Benefit Plan Trust v. Datalink Electronics, Inc. 372 F. App'x 294 · Cir.

Sylvia Vergara v. Smith & Wesson Brands, Inc. · Cir.

Ricardo Toledo v. Smith & Wesson Brands, Inc. · Cir.

Peter Straus v. Smith & Wesson Brands, Inc. · Cir.

Mirna Rodriguez v. Smith & Wesson Brands, Inc. · Cir.

Michael Zeifert v. Smith & Wesson Brands, Inc. · Cir.

Lorena Rebollar Sedano v. Smith & Wesson Brands, Inc. · Cir.

Lauren Bennett v. Smith & Wesson Brands, Inc. · Cir.

Keely Roberts v. Smith & Wesson Brands, Inc. 98 F.4th 810 · Cir.

Joshua Chupack v. Smith & Wesson Brands, Inc. · Cir.

Elizabeth Turnipseed v. Smith & Wesson Brands, Inc. · Cir.

Bruce Sundheim v. Smith & Wesson Brands, Inc. · Cir.

Amelia Tenorio v. Smith & Wesson Brands, Inc. · Cir.