IRCCourt RulingsAug 10, 2015related by meaning
mmissioner, 131 T.C. 185 (2008), supplementing T.C. Memo.
2007-340; Cyman v. Commissioner, T.C. Memo. 2009-144.
- 12 -
II. Section 1839
A. General Law Generally, the Internal Revenue Code allows deductions for ordinary and
necessary expenses incurred in conducting a trade or business or for the
production of income. Se…
IRCCourt RulingsAug 1, 1996related by meaning
7 (1987); Hays Corp. v.
Commissioner
, 40 T.C. 436 (1963), affd. 331 F.2d 422 (7th Cir.
1964); see sec. 7442. The Court has no authority to disregard the express provisions of statutes adopted by Congress, even
where the result in a particular case seems harsh. See, e.g.,
Estate of Cowser v. Commissioner
, 736 F.2d 116…
IRCCourt RulingsOct 13, 1983related by meaning
under section 501(c)(9) for organizations providing for the payment of pension benefits. For the following reasons, we reject petitioner’s contention. The Commissioner has broad authority to promulgate all necessary regulations. Sec. 7805(a); United States v. Correll, 389 U.S. 299, 306-307 (1967). The general rule rega…
IRCCourt RulingsJun 12, 1996related by meaning
tioner's
distribution.
Section 72(t) provides:
(1) Imposition of additional tax.--If any taxpayer
receives any amount from a qualified retirement plan * * *, the taxpayer's tax * * * for the taxable year in
which such amount is received shall be increased by an
amount equal to 10 percent of the portion of such
amount w…
IRCCourt RulingsAug 22, 2002related by meaning
stribution should not
be subject to the 10-percent additional tax because she is
entitled to rely on the advice of respondent’s representatives.
- 7 - Although we cannot be certain whether petitioner
misunderstood the advice she received or whether erroneous advice
was rendered, that distinction does not make a differe…
IRCCourt RulingsOct 11, 1995related by meaning
tion that petitioners
are liable for the 10-percent additional tax imposed by section
72(t).
Section 72(t) provides for a 10-percent additional tax on early distributions from qualified retirement plans. Paragraph
(1), which imposes the tax, provides in relevant part as follows:
(1) Imposition of Additional Tax.--If an…
67 T.C. 490 — Wisconsin Nipple & Fabricating Corp. v. Commissioner IRCCourt RulingsDec 16, 1976related by meaning
ed plans. The amounts so allowable may be determined in computing the decision in accordance with Rule 155, Tax Court Rules of Practice and Procedure. Decision will be entered under Rule 155.
All statutory references are to the Internal Revenue Code of 1954 as in effect during the years in issue.
(b) Retroactivity of R…
IRCCourt RulingsSep 30, 2003related by meaning
ance with its substance.”
Neonatology Associates, P.A. v. Commissioner
, 299 F.3d 221, 230
n.12 (3d Cir. 2002), affg. 115 T.C. 43 (2000). However, the Supreme Court “has observed repeatedly that, while a taxpayer is
free to organize his affairs as he chooses, nevertheless, once
having done so, he must accept the tax co…
IRCCourt RulingsSep 28, 2011related by meaning
ax of $3,000.60 because
she received.the distributions before she attained age 59-1/2 and
the payments did not qualify for the exceptions set forth in section 72(t) (2) (A) (i) and (v).
Discussion
Summary judgment is intended to.expedite litigation and
avoid unnecessary and expensive trials and may be granted where
the…
IRCCourt RulingsMay 25, 2005related by meaning
s to expedite litigation
and avoid the expense of unnecessary trials. Fla. Peach Corp. v.
Commissioner
, 90 T.C. 678, 681 (1988). A motion for summary judgment may be granted where there is no dispute as to a
material fact and a decision may be rendered as a matter of law.
See Rule 121. The moving party bears the burde…
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.
- 7 -
The Court concurs in respondent's determination that
petitioner is subject to the 10-percent additional tax on an
early dis…
IRCCourt RulingsJan 10, 2012related by meaning
v. Commissioner, supra.
The Court must enforce the laws as written and interpreted.
"While the result to petitioner seems harsh, we cannot ignore the plain language of the statute and, in effect, rewrite this
statute to achieve what would appear to be an equitable result."
Eanes v. Commissioner, supra at 171. Rather, w…
64 T.C. 1011 — Catawba Industrial Rubber Co. v. Commissioner IRCCourt RulingsSep 9, 1975related by meaning
rough with the plan, it could doubtless have met and resolved to abandon it, without subjecting petitioner to liability to anyone. [19 T.C. at 26-27.] See also Precision Industries, Inc., 64 T.C. 901 (1975), recently decided by this Court.
Decision will be entered for the respondent
All section references are to the In…
IRCCourt RulingsFeb 25, 2014related by meaning
19(a). The deduction may not exceed the lesser of: (1) the deductible
amount, which was generally $5,000 for the 2008 tax year; or (2) an amount equal to the compensation includible in the taxpayer's gross income for such taxable
year. Sec. 219(b)(1), (5)(A).
However, the deductible amount allowed under section 219(a) …
IRCCourt RulingsNov 1, 2005related by meaning
ficiency for the years in
issue. Respondent determined that petitioner was liable for
additional taxes of $499 and $5,215 for early distributions from her IRAs for 1999 and 2000, respectively. Respondent also
determined that petitioner was liable for additions to tax under
sections 6651(a)(1) and 6654(a), as set out ab…
IRCCourt RulingsDec 4, 1978related by meaning
re invalid we would be left with the “general rule” of section 1.72-15(b) and (d), Income Tax Regs., which is even more disadvantageous to petitioner. Petitioner does not specifically challenge the validity of the general rule set forth in section 1.72-15(b) and (d), Income Tax Regs., nor does he discuss those paragrap…
IRCCourt RulingsJun 24, 2003related by meaning
tract unless such amounts are
specifically excluded from gross income under other provisions of
chapter 1 of the Code. The burden is on petitioners to demonstrate that the payments in question fall into a specific
statutory exclusion. See Commissioner v. Glenshaw Glass Co.
, 348
U.S. at 429-431.
Under section 72(t), a …
IRCCourt RulingsJan 31, 1973related by meaning
for any payment of any specific amount to any employee until the conditions of that employee having medical services or being away from work occurred. In Simplified Tax Records, Inc., 41 T.C. 75, 79 (1963), in disallowing a deduction to the taxpayer for a reserve for the estimated future cost of preparing subscribers’ …
IRCCourt RulingsOct 25, 1999related by meaning
section
72(t) in this case is inequitable because she made a good faith
effort to correctly file her 1995 Federal income tax and relied
on IRS advice. This Court has previously held that the authoritative
sources of Federal tax law are statutes, regulations, and
judicial case law and not informal IRS sources. See Zimme…
IRCCourt RulingsFeb 22, 2010related by meaning
tioners' gross
income pursuant to section 61 .
G . Accuracy-Related Penalty for Negligenc e
Section 6662(a) and (b)(1) imposes a 20-percent penalty on any portion of an underpayment that is attributable to negligence
or disregard of rules or regulations . The term "negligence"
includes any failure to make a reasonable …