78 FR 57686 — Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property IRCFinal Rules (FR)Sep 19, 2013
…uced by cost of goods sold or by the cost of property sold if such property is described in section 1221(a)(1), (3), (4), or (5). With respect to sales of capital assets as defined in section 1221, or sales of property described in section 1221(a)(2) (relating to property used in a trade or business), gross receipts sh…
IRCCourt RulingsJul 14, 2005related by meaning
number of TLC's customers applied the sec. 274(n)(1) limitation
to any amounts that they paid to TLC.
"Even if we were to allow petitioner to advance petitioner's tax duplication argument, petitioner would not be
entitled to the remedy it seeks. If, as petitioner asserts,
certain trucking company clients applied the s…
IRCCourt RulingsJul 9, 1997★ strong match
… was an active participant in the plan prior to January
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9
The type of property to which sec. 1221(2) applies is
property of a character which is subject to the allowance for
depreciation, or real property, used in the taxpayer's trade or
business. There is no evidence in this case concerning the
precise property…
167 T.C. No. 4 — Piton Holdings, LLC, David L. Hall, Partnership Representative, Petitioner(s) v. Commissioner IRCCourt RulingsJul 15, 2026
…bandonment (other than in the ordinary course of business) of a capital
asset as defined in section 1221 (determined without the application of
any other rules of law). ” Tre as. Reg. § 1.706-4(e)(2)(i).
8
The use of the
broad-sweeping term “ any ” suggests that items arising from a partial
8
Treas ury Reg ulation § 1.…
IRCCourt RulingsAug 6, 1991related by meaning
f the matter is that the payment in question should be taxable to petitioner under section 72(e). Accordingly, we sustain respondent’s determination.6 In order to take into account what appear to be mechanical errors in respondent’s calculations and to afford the parties a further opportunity to resolve the question of…
IRCCourt RulingsJul 23, 2003
…eld by a
taxpayer of a type other than the eight categories of property
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enumerated in section 1221(a). One such category includes
depreciable property and real property used in the taxpayer’s
trade or business. Sec. 1221(a)(2).
In general, a taxpayer’s capital losses are allowed only to
the extent of the taxpayer…
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…
IRCCourt RulingsFeb 18, 1997related by meaning
ioner's retirement distribution's
being taxed twice. We think petitioners' contention is
meritorious. Here we take note of the long-standing principle that double taxation is to be avoided unless expressly intended
by Congress. E.g., Maass v. Higgins
, 312 U.S. 443, 449 (1941);
United States v. Supplee-Biddle Hardware …
IRCCourt RulingsMar 20, 1997
…deduction of the processing fee is the
test in Grodt & McKay Realty, Inc. v. Commissioner
, 77 T.C. 1221,
1237-1238 (1981). In Grodt
, we set forth eight factors by which
to determine whether the benefits and burdens of ownership have
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13
The factors included:
(1) Whether legal title passes; (2) how the parties
t…
IRCCourt RulingsOct 9, 1997related by meaning
einafter referred to
as the instant case). The instant case is before the Court on
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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. …
IRCCourt RulingsJan 30, 2007
…er, 116 T.C. 374, 388-389 (2001);
Pappas v. Commissioner, T.C. Memo. 2002-127; see also secs. 1012,
1221(a). Therefore, we find that petitioners are not entitled to
T.C. Memo. 2026-68 — Malibu Valley Land, LLC, Spectrum Development, Inc., Tax Matters Partner v. Commissioner IRCCourt RulingsAug 17, 2026
… into whether property is held for investment substantially
overlaps with the inquiry under section 1221(a)(1) into whether proper ty
is held for sale to customers in the ordinary course of a trade or business.
Courts have long applied the same factual framework in both context s
because the characterization of the pro…
IRCCourt RulingsNov 2, 1998
…e. Chilingirian v .
Commissioner
, 918 F.2d 1251 (6th Cir. 1990), affg. T.C. Memo. 1986463.
Section 1221(2) provides that real property used in a trade or
business is not a capital asset (and therefore a loss from the
IRCCourt RulingsApr 22, 2003related by meaning
to section 72(t)(2)(C) for relief.
It does not appear that any of the statutory exceptions to
the application of section 72(t) apply in this case, and petitioner has not suggested otherwise.
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The Court concurs in respondent's determination that
petitioner is subject to the 10-percent additional tax on an
early dis…
IRCCourt RulingsMar 31, 1961related by meaning
ntract” as meaning the entire contract, especially since Congress, when it wished to delineate the annuity feature of the contract, did so explicitly. Although admitting that the interpretation proposed by petitioner is not without merit, we hold that section 72(d) applies only when the entire consideration furnished b…
IRCCourt RulingsAug 3, 1979related by meaning
to a reasonable concern of Congress. Thus section 219(b)(2) does not create an unconstitutional presumption.
II. Liability for Section U973 Excise Tax Petitioners argue that, if we uphold the constitutionality of section 219(b)(2), then the 6-percent excise tax imposed by section 4973 cannot be imposed because there ar…
IRCPrivate Letter RulingsOct 5, 2012
…ership of the property for tax
purposes.
17
In Grodt & McKay Realty, Inc., v. Commissioner, 77 T.C. 1221 ( 1981) , the
Tax Court considered whether the benefits and burdens of ownership passed from the
s elling cattle company to the taxpayers stating:
Some of the fa c tors which have been considered by courts in making…
IRCCourt RulingsFeb 22, 2010related by meaning
Print 1982) .
Sec . 7702 was enacted in 1984 as part of the Deficit Reduction
.
Act of 1984, Pub . L . 98-369, sec . 221(a), 98 Stat . 767 . Although these statutory amendments
. postdate the promulgation of the
applicable regulations in 1956, for the reasons . discussed supra
we believe that the cross-reference to se…
IRCCourt RulingsSep 28, 2022
…roperty . N o portion of
the gain from the sale of such property could be long-term capital gain.
§ 1221(a)(1). Thus, the deduction for a contribution of ordinary income
property is typically limited to the donor’s cost basis in the property. See
Jones v. Commissioner , 560 F.3d 1196, 1199 (10th Cir. 2009) , aff’g 129
…
IRCCourt RulingsJul 6, 2022related by meaning
s
are to the Tax Court Rules of Practice and Procedure.
Served 07/06/22
2
[* 2 ] under section 4973, plus associated additions to tax and penalties.
2 Currently before the Court is petitioner’s Motion for Summary Jud gment under Rule 121. Petitioner contends that the IRS “is precluded as
a matter of law from asserting …