IRCCourt RulingsMar 25, 2013
…53 735,029
Stewart 287,528 287,429
Petitioner claimed deductions for the Business Property rent of $564,000 and
$651,000 on the 2006 Form 1120 and 2007 Form 1120, respectively.
On April 21, 2011, respondent sent to petitioner a notice of deficiency
disallowing (1) a portion of the deduction petitioner claimed for offic…
IRCCourt RulingsFeb 6, 1992related by meaning
Parker, Judge:
By statutory notice of deficiency dated May 17, 1989, respondent determined a deficiency in petitioner's Federal income taxes and additions to tax as follows:
_Additions to tax_
Sec. Sec. Sec.
TYE Deficiency 6653(a)(1)(A) 6653(a)(1)(B) 6661
1/31/86 $64,117 $3,206.85 50 percent $16,029.25
of the interest …
IRCCourt RulingsJun 25, 2012
…ederal income tax deficiency of
$12,932 and an accuracy-related penalty under section 6662(a) of $2,564.
Respondent determined that petitioner and Mr. Scarlett (1) had additional income
of $16,027 from FedEx, (2) had a taxable distribution of $7,000 from NADA, (3)
had a taxable distribution of $8,475 from NADA, (4) wer…
IRCCourt RulingsDec 19, 2000related by meaning
ec. 402(a), 96 Stat. 324,
648, but had to be determined in the Toans’ individual case.
Alternatively, petitioners argue, any assessment under the 1980 notice is time barred under section 6501. Petitioners assert
that the addition to tax under section 6659 was an affected item
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for 1982 and that the related notice …
IRCCourt RulingsJan 12, 1998related by meaning
ts, with the terms of imprisonment to run concurrently
for a total of 38 months' imprisonment.
Among the accounts forfeited were petitioner's IRA's at Merrill Lynch and Fidelity Investments (the IRA's). The total
amount forfeited from the IRA's (the IRA distributions) was
$230,161. Petitioner was 57 years old at the ti…
IRCCourt RulingsJan 2, 2020related by meaning
n 72(t) imposes an additional 10% tax on early distributions from a
qualified retirement plan, including an IRA, made to a taxpayer before she attains the age of 59½. See secs. 72(t)(1), (2)(A)(i), 4974(c)(4). Mrs. Gebman had not
attained the age of 59½ when she received the distributions at issue. The IRA
distribution…
IRCCourt RulingsJan 13, 1997related by meaning
7,676 represents the imposition of
additional tax under section 72(t) on petitioner's premature
retirement benefits distribution of $176,754.88. Since respondent asserts an increased deficiency, she has the burden of
proof on this issue. Rule 142(a). However, the parties
stipulated that $20,655.42 of that distribution …
IRCCourt RulingsJan 28, 2014related by meaning
vant facts." Lawinger v. Commissioner, 103 T.C. 428, 440 n.8 (1994).
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[*24] Substantial authority exists only when the weight of the authorities supporting the treatment of the tax item is substantial in relation to the weight of
the authorities supporting contrary treatment. Sec. 1.6662-4(d)(3)(i), Income Tax
Re…
IRCCourt RulingsNov 15, 2004
…ng
of the district court "cannot be clearly erroneous."
Anderson v. City of Bessemer City, 470 U.S. 564, 574
(1985).
IRCCourt RulingsJan 30, 2007
…ederal income tax return for 1999
on June 18, 2003.3 Petitioners reported adjusted gross income of
$564,156, itemized deductions of $427,211, a total tax of
$33,735, an overpayment of tax of $116,498. Petitioners
requested a refund of $105,228 and that $11,270 be applied to
their estimated tax for 2000. Petitioners' 19…
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 RulingsSep 27, 1990
… Control Systems, 586 F.2d 1036, 1039 (5th Cir. 1978); compare Latterman v. United States, 872 F.2d 564, 568-570 (3d Cir. 1989).
Respondent assumes but does not concede that section 4975(a) imposes a penalty tax. He asserts:
IRCCourt RulingsApr 2, 2024
…a whole. See Robinson v. Shell Oil Co. , 519 U.S. 337,
341 (1997); Allen v. United States, 83 F.4th 564, 569 (6th Cir. 2023).
In so doing, we employ the traditional tools of statutory construction,
including the canons of construction.
9
See Chevron , 467 U.S. at 843 n.9;
Gun Owners of Am . , Inc. v. Garland , 19 F.4th…
IRCCourt RulingsJul 9, 1997
…olding Overpayment 1987 5/11/95 $5,515 $7,208 $1,693
1988 5/13/95 5,366 10,328 4,952
1990 1/15/96 5,564 6,919 1,355
1990 2/26/96 6,709 6,919 210
1990 3/15/96 5,942 6,919 977
1991 5/15/95 2,321 3,039 718
1992 5/16/95 0 2,563 2,563
The parties agree that if respondent prevails on the issues as
stated below, the revised d…
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 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 RulingsOct 11, 1995related by meaning
tion that petitioners
are liable for the 10-percent additional tax imposed by section
72(t).
Section 72(t) provides for a 10-percent additional tax on early distributions from qualified retirement plans. Paragraph
(1), which imposes the tax, provides in relevant part as follows:
(1) Imposition of Additional Tax.--If an…
IRCCourt RulingsDec 29, 2005related by meaning
lusion, we need not decide
respondent's contention regarding the fact that petitioner did
not receive a determination from the United States competent authority as to whether the French retirement plan generally
corresponds to a United States retirement plan or that certain
documents, including Exhibits 9-P and 12-P, a…
IRCCourt RulingsNov 13, 2012
…e Osmose Employee Stock Ownership Plan.' In 2008 Mr. Vigil requested a lump-sum distribution of $14,564.81 from the Osmose ESOP, which represented
42.095 shares of Osmose Holding, Inc. stock valued at $346 per share. Twenty
percent of the total distribution, or $2,912.96, was withheld and
'The Osmose Employee Stock Own…
IRCCourt RulingsDec 2, 2010related by meaning
wers v. Commissioner,
24 T.C. 199, 239 (1955), affd. 247 F.2d 233 (2d Cir. 1957), affd.
sub nom. Bonney v. Commissioner, 247 F.2d 237 (2d Cir. 1957)); see also sec. 1 165-1(d) (2) (i), Income Tax Regs.
This is especially true in a case involving insurance.
Section 165(a) prohibits a taxpayer from deducting any amount
c…