Rev. Rul. 72-620, 1972-2 CB 651
(Jan. 01, 1972)
Section 7805.--Rules and Regulations
26 CFR 301.7805-1: Rules and regulations.
Consistent with the program for the review of rulings published in the Internal Revenue Bulletin before 1953 (announced by Revenue Procedure 67-6, C.B. 1967-1, 576), the Internal Revenue Service has undertaken a review of certain rulings that were published in the Bulletin after 1952. The purpose of this Revenue Ruling is to publish a list of post-1952 rulings dealing primarily with engineering matters and with income and profits taxes that, although not specifically revoked or superseded, are not considered determinative with respect to future transactions.
Accordingly, the rulings listed below, dealing primarily with engineering matters and with income and profits taxes are hereby declared obsolete.
| Rev. Rul. No. C.B. Citation |
| 106 1953-1, 177 |
| 217 1953-2, 12 |
| 286 1953-2, 20 |
| 55-47 1955-1, 239 |
| 55-700 1955-2, 569 |
| 56-405 1956-2, 332 |
| 56-582 1956-2, 981 |
| 57-100 1957-1, 546 |
| 57-288 1957-1, 518 |
| 59-97 1959-1, 684 |
| 60-67 1960-1, 117 |
| 60-103 1960-1, 255 |
| 60-176 1960-1, 686 |
| 60-319 1960-2, 501 |
| 60-320 1960-2, 198 |
| 60-375 1960-2, 407 |
| 61-17 1961-1, 193 |
| 63-28 1963-1, 76 |
| 64-115 1964-1 (Part I), 106 |
| 67-122 1967-1, 78 |
The purpose of this declaration of obsolescence is to make it clear to all concerned that the above-listed rulings are not determinative with respect to future transactions. It is not the purpose of this Revenue Ruling to determine the applicability of any of the listed rulings to past transactions.
Other rulings published after 1952 dealing with engineering matters and with income and profits taxes will continue to be reviewed to ascertain those that are inapplicable to future transactions. Therefore, failure to include any particular ruling in the above list should not be construed as an indication that the ruling is necessarily determinative with respect to future transactions.
was held that the destruction of a standing crop of wheat constituted an involuntary conversion within section 1033 of the Code. In that Revenue Ruling, there was also a direct conversion into money in the form of insurance proceeds.In the present situation there is no direct conversion into money as contemplated by section 1033(a)(3) of the Code. The sale of the timber was not under threat or imminence of condemnation or requisition, and the provisions of section 1033(d), (e) and (f), of the Code are not applicable. Therefore, the timber was not involuntarily converted into money as prescribed by section 1.1033(a)-2(c) of the regulations, but was voluntarily sold by the taxpayer subsequent to its damage by the hurricane.
Accordingly, based on the stated facts, the non-recognition of gain provisions of section 1033(a) of the Code are not available to the taxpayer. Thus, the gain from the sale of the timber must be included in gross income in the year the gain is realized.