...the destruction of the transferee's asset. Opinion of the Court. 313 US property (as a result of its destruction in whole or in part, theft or seizure,...condemnation, or the threat or imminence thereof) is compulsorily or involuntarily converted into property similar or related in service or use to the...

...sale or exchange. That section provides: "If Opinion of the Court. 313 US property (as a result of its destruction in whole or in part, theft or seizure,...condemnation, or the threat or imminence thereof) is compulsorily or involuntarily converted into property similar or related in service or use to the...

...gain recognised on property involuntanlv converted into other property or money as a result of its destruction in whole or in part, theft or seizure,...condemnation or the threat or imminence thereof." Our proposal is intended to touch Just one thing — exemption from excess-profits tax of the net gains...

...exchanges of property used in the trade or business ( as defined in section 1231 ( b ) ) , and "(ill) from the compulsory or involuntary conversion (as...condemnation or the threat or imminence thereof) of property used in the trade or business (as so defined). "(B) Any item, to the extent attributable to the carrying...

...and plaintiff paid $21,415.80 in cash 1 (f ) Involuntary convenient. If property (as a result of its destruction In whole or In part, theft or seizure,...condemnation, or the threat or imminence thereof) is compulsorlly or involuntarily converted Into property similar or related in service or use to the...

..."If, during the taxable year, the recognized gains upon sales or exchanges of property nsed in the trade or business, plus the recognized gains from...condemnation or the threat or Imminence thereof) of property used in the trade or business and capital assets held for more than 6 months Into other property or...

...— If, during the taxable year, the recognized gains on sales or exchanges of property used in the ME OF ESTATE. — (A) If an election is made under...by law for filing the income tax return for such ta used in the trade or business and capital assets held for more than 6 months into other property or...

...exchanges of property used in the trade or business (as defined in section 1231 (b)), and (iii) Prom the compulsory or involuntary conversion (as a result...condemnation or the threat or imminence thereof) of property used in the trade or business (as so defined). (B) Any item, to the extent attributable to the carrying...

...of the terms "seizure" and "requisition" in § 117 (j). More specifically, the section refers to the "involuntary conversion (as a result of destruction...condemnation or the threat or imminence thereof) of property used in the trade or business and capital assets . . . ." (Emphasis added.) It is contended that the...

...recognized in the case of any disposition, including a sale, exchange, gift, transfer, distribution, or an involuntary conversion as a result of destruction...part, theft or seizure, or an exercise of the power of condemnation or the threat or imminence thereof. The general approach of this proposal is comparable...