PLR 199922005 — Deduction for Contributions of Employer to an Employee's Trust or Annuity Plan and Compensation Under a Deferred-Payment Plan (Deduct. v. Not Deduct.) IRCPrivate Letter RulingsJun 4, 1999
…at is the proper taxable year under the method of accounting used in
computing taxable income. IRC §461(h) and Treas. Reg. §1.461-1(a)(2)(i) provide that, under the accrual method of accounting, a liab ility is incurred, and is generally
taken into account for federal income tax purposes, in the taxable year in which (…
IRCCourt RulingsJan 17, 2024related by meaning
Title 26 U.S.C. (Code) , in effect at all relevant times, and Rule references are to
the Tax Court Rules of Practice and Procedure .
Served 01/17/24
2 [* 2 ] deficiencies under section 4973 in th e aggregate amount of
$8,476,705 . The notices also determined additions to tax under section
6651(a)(1) and (2) and accurac…
IRCRegulationsSep 9, 2016
…t to which contributions with respect to a welfare benefit fund satisfy the requirements of section 461(h) for any taxable year for which section 461(h) is effective, pursuant to the authority under section 461(h)(2), economic performance occurs as contributions to the welfare benefit fund are made. Solely for purposes…
IRCPrivate Letter RulingsNov 14, 2008
…ing any item
allowable as a deduction, cost, or expense for Federal income tax p urposes.
Section 1.461-4(a) of the regulations provides that for purposes of determining
whether an accrual basis taxpayer can treat the amount of any liability (as defined in
section 1.446-1(c)(ii) of the regulations) as incurred, the all…
IRCCourt RulingsJan 2, 2020related by meaning
n 72(t) imposes an additional 10% tax on early distributions from a
qualified retirement plan, including an IRA, made to a taxpayer before she attains the age of 59½. See secs. 72(t)(1), (2)(A)(i), 4974(c)(4). Mrs. Gebman had not
attained the age of 59½ when she received the distributions at issue. The IRA
distribution…
IRCCourt RulingsFeb 9, 2023related by meaning
t ions on allocations of income under section 482 of the Internal
Revenue Code of 1954.
The 1969 revision to the Code of Federal Regulations contained regulations promulgated on or before December 31, 1968. See 26 (p art
1 (secs. 1.401-1.500)) C.F.R. v ( 1969). Included in the 1969 revision was
section 1.482-1, which c…
T.C. Memo. 2022-9 — Hoops, LP, Heisley Member, Inc, Tax Matters Partner v. Commissioner IRCCourt RulingsFeb 23, 2022
…ic Performance Argument
Despite the plain text of section 404(a)(5), petitioner argues that
section 461(h) and the regula tions promulgated thereunder
nevertheless allow Hoops to deduct the deferred compensation liability
for the year of the s ale. Specifically, petitioner argues that the timing
rule in section 404 is …
IRCCourt RulingsOct 8, 2003
…ra , and make no
reference to either section 404 or the economic performance
requirement of section 461(h).
Deductions under an accrual method of accounting are
generally allowable for the taxable year in which the all events
test has been met. This test is met when all events have
occurred that establish the fact of t…
IRCCourt RulingsOct 9, 1997related by meaning
einafter referred to
as the instant case). The instant case is before the Court on
- 3 -
1
All Code and section references are to the Internal Revenue Code in effect for the year at issue. All Rule references are to
the Tax Court Rules of Practice and Procedure.
the parties' cross-motions for partial summary judgment. …
IRCPrivate Letter RulingsAug 27, 1999
…service recipient in accordance with its
method of accounting (in conformance with sections 446 and 461 of the Code).
On its return filed for each of the taxable years at issue, Taxpayer-Group
deducted all employee benefits that were accrued for that year and secured as
described above. When doing so, it used the "norm…
IRCCourt RulingsNov 14, 1996
…wed to such person in accordance with his method of accounting
(in conformity with sections 446 and 461). In the case
of a transfer to an employee benefit plan described in
§ 1.162-10(a) or * * * [other transfers not applicable
in this case], section 83(h) and this section do not
apply.
However, should another section …
IRCCourt RulingsFeb 28, 2024related by meaning
stituting a 6-year period in lieu of the 3-year
period otherwise referred to in such subsection.
(D) Exception for certain acquisitions of property. — In the case of any tax imposed by section 4973 that is attributable to acquiring property for less than fair market
value, subparagraph (A) shall not apply.
Section 313(…
IRCPrivate Letter RulingsMar 10, 2006
…ion, profit sharing, stock bonus
plans, etc.). See §§ 832(c)(1), 832(c)(4), and 832(c)(10).
Section 461(h) provides that for purposes of determining of whether an amount
has been incurred with respect to any item dur ing any taxable year, the all events test
shall not be treated as met any earlier than the taxable year…
IRCCourt RulingsAug 24, 1981related by meaning
in 1976 within the meaning of the statutory limitation and, hence, is not entitled to a deduction under section 219 for the payment to an IRA in 1976. Section 4973 imposes an excise tax of 6 percent on "excess contributions” made to án IRA during the taxable year. Since petitioner is not entitled to a deduction under s…
IRCCourt RulingsJul 6, 2022related by meaning
United States Tax Court
T.C. Memo. 2022-69
CLAIR R. COUT URIER, JR. ,
Petitioner
v .
COMMISSIONER OF INTERNAL REVENUE,
Respondent
—————
Docket N o. 19714-16. Filed July 6, 2022.
—————
Alvah Lavar Taylor and Daniel W. Soto , for petitioner.
Laura A. Price, Hilary E. March , Noelle White, Patricia P. Wang , and
Edward T.…
89 FR 5624 — Automatic Portability Transaction Regulations ERISAProposed Rules (FR)Proposed Jan 29, 2024
…nce:
Rule
$5,334
$5,202
$5,086
$5,007
$4,967
$4,926
$4,886
$4,865
$4,844
$4,844
$49,962
−Baseline
5,461
5,461
5,461
5,461
5,461
5,461
5,461
5,461
5,461
5,461
54,609
= Assets Retained
127
259
375
454
494
534
575
596
617
617
4,647
Present Value of Assets Retained by Discount Rate:
3 Percent
123
244
343
403
426
448
468
47…
IRCCourt RulingsJun 14, 1982related by meaning
nder the Sixth and Ninth Amendments of the Constitution were not violated by our actions in the instant case.
Decision will be entered under Rule 155. By stipulation, respondent concedes that the $1,562 figure is the product of an erroneous computation in the statutory notice of deficiency and that should respondent pr…
IRCCourt RulingsJun 14, 2012related by meaning
ess doctrine, courts may invalidate laws if "'men of common
intelligence must necessarily guess at its meaning.'" Ick (quoting Hynes v. Mayor
- - 45 - of Oradell, 425 U.S. 610, 620 (1976)); see also United States v. Derezinski, 945
F.2d 1006, 1010 (8th Cir. 1991). It is apparent that Notice 2004-8, supra
addresses tran…
IRCCourt RulingsJan 12, 1998related by meaning
the deduction would frustrate a sharply defined
Federal or State policy. Wood v. United States
, 863 F.2d 417
(5th Cir. 1989); Fuller v. Commissioner , 213 F.2d 102 (10th Cir.
1954), affg. 20 T.C. 308 (1953); Holmes Enterprises v.
Commissioner
, 69 T.C. 114 (1977). The test of nondeductibility
is the severity and imme…
IRCCourt RulingsJul 8, 1980related by meaning
minations should also be within our jurisdiction. Regardless of the logic of petitioners’ position, we are constrained to deny their motion to vacate. The United States Tax Court has limited jurisdiction. See sec. 7442. Under this jurisdictional umbrella fall generally income, estate, gift, and miscellaneous excise tax…