A property owner won't be deemed to have constructive receipt of condemnation proceeds until the funds are withdrawn from a deposit account, according to an Internal Revenue Service private letter ruling. (PLR 200944012, 2009 WL 3497243 (IRS PLR), issued July 27, 2009, and released October 30, 2009)rnThe city condemned commercial real property owned by the taxpayer and deposited the probable compensation in an account with the state treasurer.
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