IRCCourt RulingsMar 11, 2020
…
case.
Respondent determined that petitioners are liable for a Federal income tax
deficiency of $28,896 for the taxable year 2013 (year in issue), an addition to tax
for late filing under section 6651(a)(1) of $6,595, and an accuracy-related penalty
under section 6662(a) of $5,779. Petitioners, husband and wife, filed …
IRCCourt RulingsMar 10, 2020
…r Courts of Appeals follow the same framework. See, e.g., Young v.
United States, 332 F.3d 893, 895-896 (6th Cir. 2003); Edwards v. Valdez, 789
F.2d 1477, 1482-1483 (10th Cir. 1986); Grauvogel v. Commissioner, 768 F.2d
1087, 1089 (9th Cir. 1985); Richards v. Commissioner, 745 F.2d 524, 525-526
(8th Cir. 1984), affg T.C…
IRCCourt RulingsJun 4, 1997related by meaning
amount is erroneously treated
as self-employment income, or if an amount is
erroneously treated as wages, and
(2) If the correction of the error would require an assessment of one such tax and the
refund or credit of the other tax, and
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(3) If at any time the correction of the
error is authorized as to one such t…
IRCCourt RulingsDec 14, 2009
… the policy, a
requirement indicative of a bona fide debt . See Salley v . Commissioner , 55 T .C . 896, 903 (1971), affd . 464 F .2d 479 (5th
Cir . 1972) ; Kay v . Commissioner , 44 T .C . 660, 670-672 (1965) ;
Dean v . Commissioner , 35 T .C . 1083, 1085 (1961) . Consequently,
petitioners would not have had to recogn…
IRCCourt RulingsSep 13, 1990related by meaning
as to utilize the estate tax unified credit to its fullest extent.
Kenneth G. Coveney, for the petitioner.
William H. Quealy, Jr., for the respondent. Nims, Chief Judge. Korner, Hamblen, Cohen, Clapp, Swift, Wright, Parr, and Colvin, JJ., agree with the majority. Chabot, J., concurring *88 in the result. Hamblen and Wh…
IRCCourt RulingsJun 16, 1987related by meaning
GOFFE, Judge:
The Commissioner determined that petitioner was hable for the excise tax imposed by section 4975(a) in the amount of $7,787.50 for each of the taxable years 1980 and 1981. The issues for decision are: (1) Whether the tax provided in section 4975(a) should be imposed when a prohibited transaction would qua…
IRCCourt RulingsMay 12, 1971
…109 F. 2d 99, 100 (C.A. 2), certiorari denied 310 U.S. 637, and Estate of Dora N. Marshall, 51 T.C. 896, 701-702.
IRCCourt RulingsFeb 12, 2014
…e debt. See McGowen v. Commissioner, 2009 WL
4797538, at *3 (citing Salley v. Commissioner, 55 T.C. 896, 903 (1971), aff'd,
464 F.2d 479 (5th Cir. 1972), Kay v. Commissioner, 44 T.C. 660, 670-672 (1965),
and Dean v. Commissioner, 35 T.C. 1083, 1085 (1961)). Pursuant to the policy's
terms, amounts borrowed, as well as i…
IRCCourt RulingsMay 19, 1986related by meaning
4); Estate of English v. Commissioner, T.C. Memo. 1985-549, 50 T.C.M. 1362, 54 P-H Memo T.C. par. 85,549.
Decision will he entered for the respondent. While the constitutional issue was the only argument raised in the petition with respect to the dispute over inclusion of the lump-sum payment, we deal also with the two…
IRCCourt RulingsAug 22, 1994
…Active employees 652,308 1,710,610 2,362,918 CD
Retirees 8,892,721 22,637,914 31,530,635 CO 05 00
9,896,844 25,405,545 35,302,389
Petitioner contributed $35,300,000 to the VEBA trust on December 29, 1986. Petitioner claimed a deduction for the full amount of the November and December 1986, contributions to the VEBA tru…
IRCCourt RulingsFeb 22, 1989related by meaning
n from sec. 457 altogether.
We note the irony that, on answering brief in another issue in the instant case, petitioners make the following statement: It is improper to resort to legislative history where the statute is clear. U.S. v. Prudential Ins. Co. of America, 461 F.2d 280 (5th Cir. 1972); U.S. v. Marett, 325 F.2…
IRCCourt RulingsJun 3, 2013related by meaning
T.C. Summary Jpinion 2013-42
UNITED STATES TAX COURT
ASTER TIRF E, Petitioner v.
COMMISSIONER OF INTE 1NAL REVENUE, Respondent
Docket No. 25865-10S. Filed June 3, 2013.
Aster Tirfe, pro se.
Steven Roth, for respondent.
SUMMARlY OPINION
CARLUZZO, Special Trial Judge This case was heard pursuant to the
provisions of sect…
IRCCourt RulingsAug 1, 2005
…nalty
Distribution
2
7142446 Jun 11 $12,434
3
$6,429 $6,005 $2,126 $3,879
7142859 Jun 26 10,590
4
8,896 1,694 858 836
7166534 Jun 11 4,700 -0- 4,700 592
5
3,286
1
Cash value equals accumulated cash value less loan payoff value.
2
Net distribution equals cash value less surrender penalty.
3
On June 14, 1999, College Lif…
IRCCourt RulingsNov 10, 1998related by meaning
tstanding rollover involved in
this case. Accordingly, the amount of excludable basis in the
instant case is computed by multiplying the amount of the distribution $6,100 by a fraction the numerator of which is
$1,950 and the denominator of which is $1,374.53 plus $6,100,
resulting in an amount excludable of $1,591.40.…
IRCCourt RulingsSep 24, 2007related by meaning
)(2) addition to tax . The sec .
6651(a)(2) addition to tax was listed only in the Form 4549,
Income Tax Examination Changes, which was included as an attachment to the notice of deficiency . Suffice it to note that
respondent raised the sec . 6651(a)(2) addition to tax in his
answer, albeit while misciting that sectio…
IRCCourt RulingsJul 8, 1980related by meaning
2,300.
All statutory references are to the Internal Revenue Code of 1954 as in effect during the year in issue.
Sec. 6652(c) states in pertinent part: (c) Failure To Report Tips. — In the case of failure by an employee to report to his employer on the date and in the manner prescribed therefor any amount of tips requir…
IRCCourt RulingsMar 1, 1999related by meaning
r's Life. Respondent further
determined that petitioner is liable for the addition to tax
under section 6651(a) for his failure to file a 1992 Federal income tax return.
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OPINION
Petitioner does not deny receipt of any of the items of
income. Nor does he claim that any particular item of income has
been overstated…
125 T.C. No. 11 — Estate of Doris F. Kahn, Deceased; LaSalle Bank, N.A., Trustee & Executor v. Commissioner IRCCourt RulingsNov 17, 2005
…ch such
property could be put on the date of valuation. See Symington v.
Commissioner, 87 T.C. 892, 896 (1986). In the case of real
property, the highest and best use of the land may need to take
8Although agreeing with the premise that these principles
should be taken into account in valuation, this Court ultimately
f…
IRCCourt RulingsMay 14, 2001related by meaning
December 19, 1989,
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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 RulingsJun 29, 2015
…d from the sale of qualified export property under
section 993(c). It claimed a deduction of $2,150,896 for DISC commissions.
Protective Refund Claims
On July 9, 2012, respondent issued JC Holding a letter apprising it of its
right to file a protective refund claim for income tax reported on its 2008 Form
1120. In Augu…