IRCCourt RulingsApr 12, 2011
…the tax required to be shown on the return was
$52,995 and that the deficiency in income tax was $8,553. This
$8,553 amount reflected on the notice of deficiency is equal to
the difference between the $52,995 required to be shown on the
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return and the $44,442 supposedly shown as tax on the return.
Yet the record…
89 FR 88642 — Extension of Certain Timeframes for Employee Benefit Plans, Participants, Beneficiaries, Qualified Beneficiaries, and Claimants Affected by Hurricane Helene, T… IRCFinal Rules (FR)Nov 8, 2024
…es, and claimants in affected plans. Accordingly, the Agencies have determined, pursuant to section 553 of the Administrative Procedure Act, 5 U.S.C. 553(b)(A), (B) and 553(d), that there is good cause for granting the relief provided by this document effective immediately upon publication, and that notice and public p…
IRCCourt RulingsJun 14, 2012related by meaning
atement for any taxable year, there shall be added to the tax an amount
equal to 20% of the amount of such understatement." The penalty applies to any deficiency which is attributable to any listed transaction or any reportable
transaction if a significant purpose of the transaction is the avoidance or evasion
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o…
PBGCFinal Rules (FR)Sep 22, 2022
… because they fall under the “good cause” exemption of the Administrative Procedure Act at 5 U.S.C. 553(b)(3)(B). PBGC finds that notice and comment are unnecessary because these amendments are merely technical; they effect no substantive changes to any rule. For the same reason, these amendments fall within the “good …
IRCCourt RulingsFeb 29, 2012related by meaning
statutory notice of deficiency was issued more than 6 years after
petitioner filed its Form 5530. The statute of,limitations is an affirmative defense that must be specifically pleaded; Petitioner did not raise the statute of;limitations
as an affirmative defense in its pleadings for the taxable year at issue.
Accordin…
85 FR 26351 — Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak IRCFinal Rules (FR)May 4, 2020
…tates during the National Emergency. Accordingly, the Agencies have determined, pursuant to section 553 of the Administrative Procedure Act, 5 U.S.C. 553(b)(3)(A), (B) and 553(d), that there is good cause for granting the relief provided by this document effective immediately upon publication, and that notice and publi…
IRCCourt RulingsAug 8, 2000related by meaning
respondent determined that all
the IRA distributions from Fidelity for the 1996 taxable year
were includable in gross income and therefore included an additional $6,905 of 1996 IRA distributions from Fidelity in
petitioner’s 1996 gross income.
Tax Court Jurisdiction
First, petitioner contends that the order of Discharg…
84 FR 213 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2019 ERISAFinal Rules (FR)Jan 23, 2019
…on Adjustment Act directed the Department to issue the annual adjustments without regard to Section 553 of the APA. In that context, Congress has already determined that any possible increase in costs is justified by the overall benefits of such adjustments. This final rule makes only the statutory changes outlined her…
PBGCFinal Rules (FR)Jul 8, 2022
… final rule without prior notice and comment. The Administrative Procedure Act provides at 5 U.S.C. 553(b) that notice and comment requirements do not apply when an agency, for good cause, finds that they are impracticable, unnecessary, or contrary to the public interest. An exception is also provided at 5 U.S.C. 553(d…
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
nd Similar Gifts.—Whether a transfer to a pooled income fund described in § 642(c)(5) qualifies for a charitable deduction under § 2522(c)(2)(A).
(48) Section 2522.—Charitable and Similar Gifts.—Whether a transfer to a charitable remainder trust described in § 664 that provides for annuity or unitrust payments for one …
86 FR 17066 — Rescission of Pension Benefit Guaranty Corporation Rule on Guidance PBGCFinal Rules (FR)Apr 1, 2021
… notice and comment process to issue this rule under the Administrative Procedure Act. See 5 U.S.C. 553(a)(2), 553(b)(A). Furthermore, because this rule is procedural rather than substantive, the normal requirement of 5 U.S.C. 553(d) that a rule not be effective until at least 30 days after publication in the
Federal R…
81 FR 13721 — Extension of Import Restrictions Imposed on Certain Archaeological and Ethnological Materials From the Republic of Colombia IRCFinal Rules (FR)Mar 15, 2016
…ion of the United States and is, therefore, being made without notice or public procedure (5 U.S.C. 553(a)(1)). In addition, CBP has determined that such notice or public procedure would be impracticable and contrary to the public interest because the action being taken is essential to avoid interruption of the applica…
IRCCourt RulingsMar 9, 2011related by meaning
ds of thousands of dollars
in DISC commissions each year from a well-established business,
and a 25-percent share in a company 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 perce…
89 FR 65779 — Prohibited Transaction Class Exemption 84-14 for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption); Correction ERISAFinal Rules (FR)Aug 13, 2024
…onal Asset Managers (the QPAM Exemption) 89 FR 23090 (April 3, 2024).
Back to Citation
2.
5 U.S.C. 553(b).
Back to Citation
3.
5 U.S.C. 553(d).
Back to Citation
4.
80 FR 60292 — Extension of Import Restrictions on Certain Categories of Archaeological Material From the Pre-Hispanic Cultures of the Republic of Nicaragua IRCFinal Rules (FR)Oct 6, 2015
…ion of the United States and is, therefore, being made without notice or public procedure (5 U.S.C. 553(a)(1)). In addition, CBP has determined that such notice or public procedure would be impracticable and contrary to the public interest because the action being taken is essential to avoid interruption of the applica…
81 FR 84458 — Extension of Import Restrictions Imposed on Certain Archaeological and Ethnological Material From Greece IRCFinal Rules (FR)Nov 23, 2016
…ion of the United States and is, therefore, being made without notice or public procedure (5 U.S.C. 553(a)(1)). In addition, CBP has determined that such notice or public procedure would be impracticable and contrary to the public interest because the action being taken is essential to avoid interruption of the applica…
81 FR 43430 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Catch-Up Adjustments ERISAFinal Rules (FR)Jul 1, 2016
…R 13592), by the inflation adjustment factor for 2007 of 1.13833, which resulted in a penalty of $4,553. The penalty increase of $553 is less than the statutory catch-up adjustment cap of a 150 percent increase of the $4,000 penalty in effect as of November 2, 2015, which is $6,000. Therefore, the minimum penalty for a…
81 FR 8832 — Regulations Governing Organization of the Joint Board for the Enrollment of Actuaries Joint BoardFinal Rules (FR)Feb 23, 2016
…ons and Bylaws involving the Board's internal election procedure. Accordingly, pursuant to 5 U.S.C. 553(a)(2), 553(b)(3)(A), and 553(b)(3)(B), the Joint Board finds good cause that prior notice and other public procedures with respect to this rule are unnecessary. Because a notice of proposed rulemaking is not required…
IRCCourt RulingsJan 5, 2017related by meaning
ably with the Code, but also negligence and a clear disregard of
rules or regulations. Petitioner did not act with reasonable cause and in good faith. Accordingly, the Court holds that petitioner is liable for accuracy-related penalties
under section 6662(a) for the 2010 and 2011 tax years.
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[*15] VII. Section 66…
81 FR 2086 — Extension of Import Restrictions Imposed on Archaeological Material Originating in Italy and Representing the Pre-Classical, Classical, and Imperial Roman Peri… IRCFinal Rules (FR)Jan 15, 2016
…ion of the United States and is, therefore, being made without notice or public procedure (5 U.S.C. 553(a)(1)). In addition, CBP has determined that such notice or public procedure would be impracticable and contrary to the public interest because the action being taken is essential to avoid interruption of the applica…