- 16 - There is no dispute that a portion of the DeSellum property was "involuntarily converted", as required by section 1033. There is a dispute, however, regarding the date of the conversion. Petitioners assert that the DeSellum property described in the original petition and the DeSellum property described in the amended petition were both condemned on December 16, 1987, noting that prior to this date the State had not properly commenced quick take condemnation proceedings against the subject property. Although the description of the property to be acquired in the original condemnation petition was incorrect, we do not think this fact is significant. Rather, we conclude that the property described in the original condemnation petition and the property described in the amended petition were condemned on June 16, 1980, because by that date the State had taken possession of both portions of the DeSellum property. It is this dispossession and appropriation of property by the State that Maryland law treats as a condemnation. State v. G.L. Cornell Co., 584 A.2d 1331, 1336-1337 (Md. 1991). Having found that the section 1033 replacement period began on June 16, 1980, we now must examine when the replacement period ended. The replacement period ends 3 years "after the close of the first taxable year in which any part of the gain upon the conversion is realized, or * * * subject to such terms and conditions as my be specified by the Secretary". Sec. 1033(a)(2)(B)(i). In regard to the latter ending date, thePage: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011