IRCCourt RulingsAug 12, 1998
…mmissioner
, T.C. Memo. 1994-606; see
also Calfee, Halter & Griswold v. Commissioner
, 88 T.C. 641, 652
(1987) ("the standards of Title I and Title II [of ERISA] were
closely coordinated by Congress specifically to develop a unified
set of rules").
- 31 -
The DOL regulations state that a fiduciary will satisfy the
prud…
IRCCourt RulingsJan 27, 1998related by meaning
ven or the amount of
money and the fair market value of the property received. Sec.
-134975(f)(4). Since the prohibited transaction was the assignment of the accounts receivable by the Corporation to the Plan, the
amount involved is the fair market value of the accounts
receivable on May 31, 1988. In the notice of defi…
IRCCourt RulingsMar 9, 2011
…s, 370
U.S. 65 (1962); Farid-Es-Sultaneh v. Commissioner, 160 F.2d 812
(2d Cir. 1947), revg. 6 T.C. 652 (1946).
-19In Farid-Es-Sultaneh, the taxpayer sold stock which she had
acquired pursuant to a prenuptial agreement in exchange for the
release of her marital rights. - In calculating her income tax
liability on the s…
IRCCourt RulingsAug 1, 2012related by meaning
yer's return information. None of the assertions, even if true,
would affect petitioners' deficiency. Petitioners' attacks on the Court in relation to its Rules of Practice and Procedure and the rulings in this and other cases lack
merit and will not be addressed in this opinion. Adverse rulings are not grounds
- 8 -
[…
IRCCourt RulingsMar 20, 2001
…otaling $4,000 for
contributions to IRA’s. The adjusted gross income reported on
the return was $61,652, reflecting the deductions claimed for the
IRA contributions. In the only adjustment made in the statutory
notice of deficiency, respondent disallowed the IRA contribution
deductions in their entirety.
- 3 -
In gener…
IRCCourt RulingsMay 11, 2009
… 10-percent early withdrawal tax ." H .
Rept . 105-148, at 330 (1997), 1997-4 (Vol . 1) C .B . 319, 652 .
Distributions for qualified higher education expenses serve one
of numerous purposes Congress identified as deserving special
treatment . Those purposes include paying a tax levy, paying for
medical care, paying fo…
IRCCourt RulingsApr 10, 2008
…
receipt (the 60-day requirement) . Sec . 408(d)(3) ; Smithsi v .
Commissioner , T .C . Memo . 1981-652 ; Handy v . Commissioner , T .C .
Memo . 1981-411 .
Petitioners argue that they were unaware that they did not
roll over the SEP-IRA distribution within the 60-day requirement
until they received the deficiency notic…
IRCCourt RulingsDec 8, 2010related by meaning
iency on November 24,
2008. Pursuant to section 6503(a) (1), the mailing of the notice
of deficiency tolled the limitations period until 60 days after our final decision. Petitioners are required to retain records
- 8 -
"so long as the contents thereof may become material in the
administration of any internal revenue l…
IRCCourt RulingsApr 2, 2024
… legislative history and policy considerations is improper.” Sunrise Coop., Inc. v.
USDA , 891 F.3d 652, 658 (6th Cir. 2018) (quoting Koenig Sporting Goods, Inc. v. Morse
Rd. Co. (In re Koenig) , 203 F.3d 986, 988 (6th Cir. 2000)). As we conclude infra that
the statute at issue is unambiguous, we do not consider legisl…
IRCCourt RulingsJul 5, 1983related by meaning
so determined that petitioners were liable for an addition to tax under sec. 6651(a) in the amount of $28.76. Respondent conceded that issue on brief. The procedures set forth in sec. 7463 apply to cases involving taxes imposed by subtitle A and Chs. 11 and 12 of the Code, subject to monetary limits. As to petitions fi…
IRCCourt RulingsMar 24, 1980
…9,309 12,245.00 8,059
1961 910,533 14,666.00 9,561
1962 1,169,633 19,440.00 13,036
1963 1,241,719 2,652.00 1,140
1964 1,242,011 21,133.51 16,068
1965 1,457,360 9,839.00 7,275
1966 1,826,297 11,676.00 8,280
1967 2,630,186 36,527.00 19,664
1968 4,284,456 117,436.00 60,094
1969 7,623,337 414,556.00 198,594
1970 12,100,074…
IRCCourt RulingsJul 9, 1997
…years from the time the tax
was paid. See Commissioner v. Lundy
, 516 U.S. ___, ___, 116
S.Ct. 647, 652 (1996). Thus, when they filed their original
return for tax year 1990 they were barred from claiming a refund.
Consequently, under section 11.402(e)(4)(B)-1(c)(1), Temporary
- 15 -
8
The same would be true if petitio…
IRCCourt RulingsNov 5, 1999
…mmissioner
, T.C. Memo.
1994-606; see also Calfee, Halter & Griswold v. Commissioner
, 88
T.C. 641, 652 (1987) ("the standards of title I and title II [of
ERISA] were closely coordinated by Congress specifically to
develop a unified set of rules"). ERISA section 404(a)(1)
requires a plan fiduciary to discharge his or h…
IRCCourt RulingsOct 1, 2015related by meaning
ioner, 106 T.C. 337, 340 (1996) (citing and discussing the legislative
history underlying section 408(f), the statutory predecessor to section 72(t)); Milner v. Commissioner, T.C. Memo. 2004-111.
Section 72(t)(2)(B) provides an exception to the imposition of additional tax
to the extent that retirement plan distributio…
IRCCourt RulingsMay 22, 2002
…nt. Sec. 408(d)(3)(E).
days of receipt.
2
Sec. 408(d)(3); Smithsi v. Commissioner
, T.C.
Memo. 1981-652; Handy v. Commissioner
, T.C. Memo. 1981-411.
Petitioner argues that the Internal Revenue Service (IRS)
District Director advised him to file an amended return so that
petitioner could roll over his IRA. On May 23, 1…
IRCCourt RulingsDec 5, 2007related by meaning
each couple ( with th e
2 Unless otherwise indicated , section references are to the
applicable versions of the Internal Revenue Code, Rule references are to the Tax Court Rules of Practice and Procedure, and dollar
amounts are rounded to the dollar . We use the term "plan" for
convenience and do not suggest that any p…
IRCCourt RulingsSep 28, 2022
…ule s specified in section 664(b) supersede the general rules set
forth in s ubchapter J , sections 652 and 662, for income taxation of estates, trusts, and
beneficiaries .
9
[* 9 ] We have previously discussed the application of section 664(b)
and the t reatment of CRAT distributions. See Miller v. Commissioner,
T.C. …
IRCCourt RulingsNov 25, 2009related by meaning
t affect the tax treatment
- 5
under the Internal, Revenue Code . See sec . 7701(j)(5) ("No
provision of law not contained in this title [the internal Revenue Code] shall apply for purposes of determining the
treatment under this title of the Thrift Savings Fund or any
contribution to, or distribution from, such Fund .…
IRCCourt RulingsFeb 9, 1998
…aud by clear and convincing evidence. Sec.
7454(a); Rule 142(b); Clayton v. Commissioner
, supra
at 652-653.
The existence of fraud is a question of fact to be resolved
upon consideration of the entire record. DiLeo v. Commissioner
,
- 14 -
96 T.C. 858, 874 (1991), affd. 959 F.2d 16 (2d Cir. 1992); Estate
of Pittard v.…
IRCCourt RulingsFeb 22, 1999
…ise Taxes
Addition to Tax
Year
Sec. 4975(a)
Sec. 4975(b)
Sec. 6651(a)(1)
1991 $2,685 -- $671
1992 5,652 -- 1,413
1993 8,930 -- 2,233
1994 12,553 -- 3,138
1995 16,556 -- 4,139
1996 20,979 -- --
1997
1
-- $468,469 --
1
For the taxable period ending June 30, 1997.
Corazon P. Medina
Excise Taxes
Addition to Tax
Year
Sec. 4…