IRCCourt RulingsJun 24, 1966
Exclusion — Ys of $5,000.00_ 1, 666. 67
Taxable Income_ 666. 66
The deficiency notice issued to Bertha makes the following adjustment to 1961 income: (a) Dividend Income_$1, 000. 00
Pro-rata distribution from John O. Nordt Company, Inc., designated as a pension paid to a deceased officer’s beneficiary, is includable i…
IRCCourt RulingsSep 25, 1996
…not to
Qulart, apparently because of an error. The total of the
investor notes was therefore $2,888,666, an amount equal to tenelevenths of MIT 83's capital.
On July 1, 1983, Qulart issued to Machise a 12-percent
promissory note in the amount of $2,888,666, whose provisions
tracked the provisions of the partners' notes…
IRCCourt RulingsDec 11, 2003related by meaning
…governing the
assessment, collection, and payment of the section 6654 addition
are found in section 6665. In pertinent part, section 6665(a)
provides that (1) the section 6654 addition is to be paid upon
notice and demand and is to be assessed, collected, and paid in
the same manner as taxes, and (2) references in the …
IRCCourt RulingsJun 14, 2012★ strong match
….
3. 042 Calculation of the Amount;of thé Penalty
Although we sustain the imposition of the section 6662A penalties, we
disagree with certain aspects of respondent's calculations. Generally, section
6662A applies, as relevant here, "to any item which.is attributable to" any listed
transaction. Sec. 6662A(b)(2)(A). Resp…
IRCCourt RulingsMar 7, 2000★ strong match
… petitioner is liable for the addition to
tax under section 6654 for the 1996 taxable year. Section 6662(a) provides for an accuracy-related penalty in
the amount of 20 percent of the portion of an underpayment of tax
attributable to, among other things, negligence or disregard of
rules or regulations. Sec. 6662(a) and…
145 T.C. No. 1 — John A. Tomassetti & Cathy C. Tomassetti v. Commissioner IRCCourt RulingsJul 13, 2015related by meaning
…ner bears the burden of production with
respect to an individual taxpayer's liability for a section 6662(a) or 6662A
accuracy-related penalty. This burden requires that respondent produce sufficient
evidence indicating that it is appropriate to impose either or both penalties in these
cases. See sec. 7491(c); Higbee v.…
IRCCourt RulingsDec 18, 2012related by meaning
ly for delay, (2) a taxpayer's position is frivolous or groundless, or (3) a
taxpayer unreasonably failed to pursue available administrative remedies. Section 6673 serves in part as "a penalty statute designed to deter taxpayers from
bringing frivolous or dilatory suits". Sauers v. Commissioner, 771 F.2d 64, 68
(3d Cir…
IRCCourt RulingsSep 28, 2022
…return he reported that petitioners had contributed to CRAT II c orn and soybeans with a n FMV of $ 666,975 and a
cost basis of zero.
2
For purposes o f this litigation respondent has not challenged the validity of
CRAT I or CRAT II.
4
[* 4 ] For each year the trustee filed for each CRAT a Form 5227, Split -
Interest T…
IRCCourt RulingsFeb 9, 2023
…rk royalty had been calculated without
using the stacking principle, the royalty would have been $4,666,187. If
true, this means that 3M Brazil overpaid the trademark royalty to 3M
Company by $438,569, which is the difference between $5,104,756 and
$4,666,187. But petitioner does not assert that the income of the 3M
co…
IRCCourt RulingsMay 22, 2008related by meaning
Internal Revenue Code .
Accordingly, petitioner is liable for the section 6662 penalty .
In 2002, petitioner received distributions from a retiremen t plan . Pursuant to section 72(t), a 10H-percent additional tax is
i
6 -
imposed upon such distributions unless the distributions meet the
requirements of one of the exce…
IRCCourt RulingsAug 1, 2012related by meaning
… will be eliminated in the Rule 155 computation in accordance with
respondent's concession.
Section 6662 Penalty
Respondent has the burden of producing evidence that the section 6662(a)
penalty applies. See sec. 7491(c). Section 6662(a) and (b)(1) and (2) imposes a
20% accuracy-related penalty on any underpayment of Fe…
IRCCourt RulingsMar 23, 2009
…expectancy . See Rev . Rul . 2002-62, 2002-2 C .B . 710 ;, Notice
89-25, Q&A-12, 1989-1 C .B . 662, 666 .
7 -
Section 72(t)(4)4 provides that the-exception found in section
IRCCourt RulingsJul 11, 2017related by meaning
or $5,000. Sec. 6662(d)(1)(A). The term "understatement" means the
excess of the amount of tax required to be shown on the return for the taxable year over the amount of tax imposed that is shown on the return, reduced by any rebate.
Sec. 6662(d)(2)(A).
The Commissioner bears the burden of production with respect to th…
IRCCourt RulingsFeb 9, 1998related by meaning
this case of most of the
enumerated badges of fraud. Accordingly, petitioner is liable
for section 6651(f) additions to tax for 1990, 1991, and 1992. Section 6654(a) imposes an addition to tax for failure to
make timely estimated income tax payments. Where prepayments of
tax do not equal the percentage of total liabil…
IRCCourt RulingsDec 11, 1997related by meaning
includes any careless,
reckless, or intentional disregard. Sec. 6662(c). Negligence
has also been defined as a lack of due care or failure to do what a reasonable person would do under the circumstances. Leuhsler
v. Commissioner
, 963 F.2d 907, 910 (6th Cir. 1992), affg. T.C.
Memo. 1991-179; Antonides v. Commissioner
…
IRCRegulationsSep 9, 2016
…f the death benefit attributable to the increase in Participant A's accrued benefit is therefore $6,666 ($56,333 − $49,667).(vii) Participant A's projected accrued benefit at normal retirement based on average compensation as of the end of 2010 is $8,840 [.01 × 17 years of service at age 65 × ($50,000 + $52,000 + $54,0…
IRCCourt RulingsSep 15, 2005related by meaning
tax status,
it should also have jurisdiction over section 6652(c) (1) for
purposes of section 6330(d)(1):
This [Court] has jurisdiction to adjudicate whether a tax ehempt organization has unrelated
business taxablþ income pursuant to IRC §512, as well
as to determine any penalties in connection with such
an assertion,…
IRCCourt RulingsFeb 4, 1998related by meaning
exceptions contained
therein. See Recklitis v. Commissioner
, 91 T.C. 874, 913 (1988);
Tillman v. Commissioner
, T.C. Memo. 1996-8. Because petitioner has not shown that any one of the exceptions applies, we sustain
respondent's determination on this issue.
IV. Section 6673--Penalty Awarded by Court
We decide sua spont…
IRCCourt RulingsMar 9, 2011related by meaning
…pany receiving such a steady stream of income should have been worth a large amount.
-28IV. Section 6662(a) Penalty
Section 6662(a) and (b) (1) and (2) imposes an accuracyrelated penalty of 20 percent on the portion of an underpayment
attributable to negligence, disregard of rules or regulations, or
a substantial under…
IRCCourt RulingsApr 22, 2003
…three
permissible methods for calculating such a series. IRS Notice 89-25, Q&A-12, 1989-1 C.B. 662, 666. Petitioner chose the second
of the three methods, known as the fixed amortization method.
Rev. Rul. 2002-62, 2002-42 I.R.B. 710. The fixed amortization
method involves amortizing a taxpayer’s IRA account balance ove…