IRCCourt RulingsFeb 9, 2023related by meaning
s at issue in First Security Bank . Such a
determination would not inform our understanding of the holding or
reasoning of First Security Bank .
GG. T he Tax Reform Act of 1976
In 1976, Congress amended section 482 of the Internal Revenue
Code of 1954 to replace “the Secretary or his delegate” with “the
Secretary”. 26 …
IRCCourt RulingsApr 20, 2017related by meaning
See Parker v. Commissioner, T.C. Memo. 2012-66, 103
T.C.M. (CCH) 1321, 1323 (finding section 6201(d) inapplicable where the tax-
(continued...)
- 10 - [*10] Petitioner has not satisfied his burden of proof. He failed in his petition to
assign error to any of respondent's determinations, asserting instead that he had no…
IRCCourt RulingsMay 9, 2002related by meaning
ven report
the distributions.
the clear intent of Congress to prevent voluntary withdrawals, we
decided that the penalty was inapplicable. Id.
at 291. Petitioners’ reliance on Larotonda v. Commissioner
, supra
,
is misplaced. Here, respondent did not levy on the retirement
accounts. Petitioners made voluntary withdrawa…
IRCCourt RulingsJun 2, 2005related by meaning
from her 32-year marriage other
than a 50-percent interest in Mr. Kelley’s retirement plan.
Unfortunately for petitioner, this fact does not serve to overcome the clear mandate of section 402 defining the taxability
of distributions from an employees’ trust.
Finally, we recognize that on several occasions in the past,…
IRCCourt RulingsMay 12, 1971related by meaning
g $1,000,
may (under regulations prescribed by the Secretary or his delegate) be returned on the basis and in the manner prescribed in subsection (a). Harold and Caroline reported $10,224.57 as long-term capital gain in. 1964 and $30,673.70 as long-term capital gain in each subsequent year. Assuming that the annual pay…
IRCCourt RulingsNov 6, 1962related by meaning
ay pain us, but it cannot alter our decision where unconstitutionality has not been clearly demonstrated.
Decision will be entered for the respondent. Loss of some right, privilege, estate, honor, office, or effects, In consequence of a crime, offense, breach of condition, or other act.
Thls section was originally desi…
145 T.C. No. 1 — John A. Tomassetti & Cathy C. Tomassetti v. Commissioner IRCCourt RulingsJul 13, 2015related by meaning
an were part
of a split-dollar life insurance arrangement. We hold they were;
3Former secs. 6241-6245 generally required that the shareholders of an S corporation challenge the Commissioner's adjustments to an S corporation's
income in a single, corporate-level proceeding. However, the Small Business Job
Protection Act…
IRCRegulationsJul 12, 2016
…collecting income therefrom, it cannot have unrelated business taxable income as defined in section 512 other than income which is treated as unrelated business taxable income solely because of the applicability of section 512(a)(3)(C); or debt financed income which is treated as unrelated business taxable income solel…
IRCCourt RulingsOct 8, 2003related by meaning
ng this amount. Subsequently,
J.D. merged into Clarkston pursuant to section 368, and filed a
final tax return as a C corporation for the period ended April 30, 2000. The $90,000 intercompany note was during the
final return year of J.D. eliminated by book entry as a result of
the merger.
- 5 -
Discussion
Respondent’s …
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 RulingsAug 27, 2008related by meaning
xpayer has the burden of
proof to substantiate claimed deductions .") . Accordingly, we
conclude that petitioner has failed to prove that respondent's determination of unreported taxable income was arbitrary or
erroneous .
In addition, we conclude that petitioner is liable for the
10-percent additional tax imposed by s…
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 6, 1988related by meaning
n of the transitional rule and denial of the unlimited marital deduction is, therefore, consistent with, and does not frustrate, congressional intent. Because we have concluded that the marital deduction provision in decedent’s will is a marital deduction formula to which section 403(e)(3) of ERTA applies, the marital …
IRCCourt RulingsApr 19, 2005related by meaning
ingly, we need
not decide whether the general rule of section 7491(a)(1) is
applicable in this case. See Higbee v. Commissioner
, 116 T.C.
438 (2001). Taxability of Section 401(k) Distribution Pursuant to QDRO
As previously stated, because petitioner took the position
that Ms. Seidel should include the full amount of t…
IRCCourt RulingsJan 16, 2002related by meaning
470 in petitioner's
deductions, a $144 decrease in petitioner's withholding credits,
and the imposition of the section 72(t) additional tax of $1,283. Petitioner timely filed a Form 8857, Request for Innocent
Spolse Relief, seeking equitable relief from liability under the
provisions of section 66(c). Respondent determ…
IRCCourt RulingsJun 9, 2005related by meaning
. 213 shall be deemed
paid for by a portion of petitioner’s withdrawal from his thrift
savings plan and are therefore excepted from the additional tax under sec. 72(t). Respondent further concedes that petitioner’s
filing status is married filing jointly.
Respondent determined a deficiency in petitioner’s Federal
incom…