IRCCourt RulingsSep 19, 2016
…hechter, for the 2008 tax year. In
this notice, the IRS determined an income-tax deficiency of $329,882 and an
accuracy-related penalty under section 6662(a) of $65,976. Unless otherwise
indicated, all section references are to the Internal Revenue Code of 1986, as
SERVED Sep 19 2016
- 2 -
[*2] amended, in effect for t…
IRCCourt RulingsJan 26, 1984related by meaning
shall not apply to amounts described in clause (ii) of subparagraph (A) of section 72(mX5) to the extent that section 72(mX5) applies to such amounts. (J) Unrealized appreciation op employer securities. — In the case of any distribution including securities of the employer corporation which, without regard to the requi…
IRCCourt RulingsJan 26, 1998
…6th Cir. 1968), affg. T.C. Memo. 1967-102; see
also Livernois Trust v. Commissioner
, 433 F.2d 879, 882 (6th Cir.
1970), affg. T.C. Memo. 1969-111. However, because direct
evidence of a taxpayer's state of mind is not generally
available, courts have focused on certain objective factors to
determine whether a bona fide…
IRCCourt RulingsJan 30, 1996related by meaning
ommissioner
,
supra
at 648; Oakton Distribs., Inc. v. Commissioner
, 73 T.C.
182, 188 (1979).
Moreover, this Court may not substitute its judgment for that of the Commissioner when reviewing discretionary acts.
Buzzetta Constr. Corp. v. Commissioner
, supra
. The
Commissioner’s exercise of discretionary power will not …
IRCCourt RulingsNov 18, 2021
…nt when the text is am biguous. CRI-Leslie, LLC v.
Com m issioner, 147 T.C. 217, 224 (2016), aff’d, 882 F.3d 1026 (11th Cir. 2018).
Both parties argue that section 408(m )(3) is unam biguous and that its plain text
supports their own positions. They also argue that legislative history of section
408(m ) supports their …
Notice 2024-16 — Guidance Related to Section 961 and Certain Inbound Nonrecognition Transactions IRCNoticesJan 29, 2024related by meaning
3 of this notice should apply to transactions other than covered inbound transactions and whether additional limitations should apply in those cases. Comments should be submitted by February 26, 2024. Comments may be submitted electronically via the Federal eRulemaking Portal at www.regulations.gov (type IRS-2024-16 i…
IRCCourt RulingsMay 14, 2001related by meaning
December 19, 1989,
- 6 -
for tax years ending after the date of enactment. See OBRA sec.
7841(a)(3), 103 Stat. 2428. The court order in this case was issued in 1985; it precedes the effective date of section
414(p)(11) and cannot qualify as a QDRO.
The decree provided that petitioner is to receive a "sum of
money equa…
IRCCourt RulingsDec 2, 2010
…he $9,666 of tax shown on her
2003 tax return, petitioner had a Federal income tax deficiency
of $1,882.
- 20 -
determined that petitioner had a liability for income tax for
2004 that exceeded $1,000, net of any section 31 credit, and has
taken judicial notice of the fact that petitioner had a tax
IRCCourt RulingsMar 1, 1999related by meaning
me-generating activities
relating to the items of income, he has satisfied that obligation
through the introduction of predicate evidence. Absent some showing by petitioner as to how the distribution in liquidation
should have been divided between himself and his spouse, there is
no basis for making any apportionment. …
IRCCourt RulingsSep 13, 2004
…k plan was $22,839.61. The amount comprises
$6,957.18 as a return of employee contributions and $15,882.43 as
a taxable distribution.
Petitioner's gross distribution from his Wells Fargo section
401(k) plan was $12,850. The full amount is identified on the
Form 1099-R as a taxable distribution. Petitioner reported both…
Rev. Proc. 2006-3 — Areas in which rulings will not be issued (domestic areas). This procedure provides a revised list of those provisions of the Code under the jurisdiction of th… IRCRevenue ProceduresJan 3, 2006related by meaning
in § 664 that provides for annuity or unitrust payments for one or two measuring lives qualifies for a charitable deduction under § 170(f)(2)(A).
(18) Section 216.—Deduction of Taxes, Interest, and Business Depreciation by Cooperative Housing Corporation Tenant-Stockholder.—If a cooperative housing corporation (CHC), a…
IRCCourt RulingsMay 19, 2011
…April 1, 2004, Weekend
Warrior signed two notes promising to pay Leading Edge $1,075,000
and $2,971,882. On December 31, 2004, Weekend Warrior executed
additional promissory notes for $3,169,987, $430,934, and
$3,653,062 reflecting loans from Leading Edge.
Upon Mr. Lindsey's advice, on June 1, 2004, Leading Edge
acquir…
IRCCode / StatuteJan 6, 2025related by meaning
(d)(16)(A) (A) such stock is in a bank (as defined in section 581) or a depository institution holding company (as defined in section 3(w)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1813(w)(1))),
(d)(16)(B) (B) such stock is held by such trust as of the date of the enactment of this paragraph,
(d)(16)(C) (C) su…
IRCCourt RulingsFeb 28, 2024related by meaning
8
years on June 10, 2016. That notice was issued timely because, as of
3
The opposite presumption may apply for certain statutes affect ing procedural rights. See Chenault , 37 F.3d at 53 8. Th at is because there may be “diminished reliance interests in matters of procedure . ” Landgraf, 511 U.S. at 275; see Bacon , 8…
IRCCourt RulingsDec 11, 2003related by meaning
oner
, supra
at 780.
11
See id.
at 773.
12
See Eckel v. Commissioner
, T.C. Memo. 1990-174.
13
See, e.g., In re Hatton
, 220 F.3d 1057, 1060 (9th Cir. 2000); In re Hindenlang
, 164 F.3d 1029, 1033 (6th Cir. 1999).
section 6653(a),
3
section 6662,
4
section 6013,
5
section 6033,
6
section 6651(f),
7
section 6511,
8
sect…
IRCCourt RulingsSep 28, 2022related by meaning
es applicable t o annuity distributions from CRATs. Thus, to
the extent sections 72 and 664 called for different treatment, section 664
would control. Second, section 7 2 do es not call for different treatment. Section
72(b)(1) allows an exclusion from income only to the extent the taxpayer
has an “investment in the co…
IRCCourt RulingsJan 2, 2020related by meaning
pute.5
3Respondent determined some itemized deductions should be disallowed
subject to the sec. 68 limitation and a claimed child tax credit should be disallowed under sec. 151(d).
4The sec. 6662(a) penalties for remaining years 2008, 2009, 2010, 2012,
2013, and 2014 stem solely from the disallowed NOL carried forward …
IRCCourt RulingsMay 3, 2018
…articipants in the plan. In this
case the notice of deficiency for 2003 determined a deficiency of $882,936 and a
section 6662(a) penalty of $176,587.20. As in the other S corporation cases, the
notice of deficiency disallowed the deduction claimed by petitioners as a passthrough loss from the Form 1120S, U.S. Income T…
50 T.C. 391 — New York Seven-Up Bottling Co. v. Commissioner IRCCourt RulingsMay 29, 1968
…r indicates that its severance pay is deferred compensation.
See New York Post Corporation, 40 T.C. 882, 888-889 (1963); Sol Jacobs, Jr., 45 T.C. 133, 135 (1965). See also H. Rept. No. 2333, 77th Cong., 2d Sess., pp. 50-51 (1942), 1942-2 C.B. 372.
For a contrary Indication, see the definition of “profit-sharing plan” i…
37 T.C. 7 — Barbourville Brick Co. v. Commissioner IRCCourt RulingsOct 9, 1961related by meaning
e distribution.
Although section 816 of the 1954 Code rather than section 115 of the 1939 Code is applicable here, the relevant language is identical. The dividend issue was raised expressly by respondent for the first time at the trial by the statement that “the amounts involved in this case are * * * a preferential o…