IRCCourt RulingsMay 14, 2001
…eitable, was then only found in the legislative history.
petitioners reported a modified AGI of $77,809 on their 1996
Federal income tax return, they are not entitled to any IRA
deduction if petitioner was an active participant in a plan
during 1996.
Petitioners contend that petitioner was not an active
participant in …
IRCCourt RulingsApr 22, 1992related by meaning
tatutoiy references are to the Internal Revenue Code in effect for 1986, and all Rule references are to the Tax Court Rules of Practice and Procedure. he parties have stipulated as follows:
8. During 1986, the petitioner, due to his termination of employment * * * received a total distribution from his employer's Incen…
IRCCourt RulingsJul 6, 2022related by meaning
s
are to the Tax Court Rules of Practice and Procedure.
Served 07/06/22
2
[* 2 ] under section 4973, plus associated additions to tax and penalties.
2 Currently before the Court is petitioner’s Motion for Summary Jud gment under Rule 121. Petitioner contends that the IRS “is precluded as
a matter of law from asserting …
IRCCourt RulingsMar 31, 1961related by meaning
ntract” as meaning the entire contract, especially since Congress, when it wished to delineate the annuity feature of the contract, did so explicitly. Although admitting that the interpretation proposed by petitioner is not without merit, we hold that section 72(d) applies only when the entire consideration furnished b…
IRCCourt RulingsJan 2, 2020
…,869 as the taxable amount.6
Petitioners reported for 2007 adjusted gross income of negative $1,085,809
and tax of $100. On May 5, 2008, respondent issued to petitioners the claimed
refund of $12,067, as petitioners claimed withholding, a child tax credit, and
excess Social Security payments totaling that amount.
Mr. G…
IRCCourt RulingsMay 29, 2002related by meaning
is Court.
Section 72(t) provides that:
(1) * * * If any taxpayer receives any amount from a
qualified retirement plan (as defined in section 4974(c)), the taxpayer's tax * * * shall be increased by an amount
equal to 10 percent of the portion of such amount which is
includible in gross income.
Section 72(t)(2) provides…
IRCCourt RulingsAug 8, 2019
… (4), (5).
As part of the Taxpayer Relief Act of 1997, Pub. L. 105-34, secs. 203, 303, 111 Stat. at 809, 829, Congress enacted two additional exceptions to the 10%
additional tax: distributions for higher education expenses and distributions for
first home purchases. Sec. 72(t)(2)(E) and (F). Of paramount importance is…
T.C. Memo. 1996-450 — Theodore Souris, P.C., a dissolved corporation, and Theodore Souris, as successor in interest of Theodore Souris, P.C. v. Commissioner IRCCourt RulingsOct 2, 1996related by meaning
g the term "employer reversion"
subsection (c) begins with the words "For purposes of this
section". Yet, as just indicated, both parties in this case treat the section 4980(c)(2) definition as applicable here for
purposes of the income tax
. Indeed this Court has so indicated.
Lee Engineering Supply Co. v. Commissione…
IRCCourt RulingsMay 13, 2013
…97, as part of the Taxpayer Relief Act of 1997, Pub. L. No. 105-34,
secs. 203 and 303, 111 Stat. at 809, 829, Congress enacted two more exceptions to
the 10% additional tax: premature distributions for qualified education expenses,
sec. 72(t)(2)(E), and, pertinent to this case, premature distributions for first-time
ho…
IRCCourt RulingsDec 29, 2005related by meaning
d the $1,916 payment as
a qualified retirement contribution to an individual retirement
account (IRA). She contended in her pretrial memorandum and at trial that she properly deducted that amount as an IRA
contribution. In the opening brief, respondent argued that
section 219(g)(5) limits IRA deductions for active part…
IRCCourt RulingsDec 29, 2008
… return . Their two children were still dependents . To
make ends meet, the Martinezes withdrew $21,809 from their
retirement plans : $18,840 from Mr . Martinez's plan and $2,969
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from petitioner's plan . In calculating their tax liability for
1995 their preparer properly included the withdrawals in the
Martinezes…
IRCCourt RulingsFeb 28, 2024related by meaning
luded that
the bulk of the $26 million received by hi s IRA was attributable to his
relinquishment of rights under the non- ESOP deferred compensation plans, which were not eligible for tax-free rollover. It accordingly determined t hat $25,132,892 of the $26 million constituted an “excess contribution” to his IRA unde…
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 RulingsApr 19, 2006
…(c)(4) and
(5) and 7701(a)(37); Taxpayer Relief Act of 1997, Pub. L. 105-34,
sec. 203(a), 111 Stat. 809. This is evident in the report of the
Committee on the Budget, which provides:
Penalty free IRA withdrawals for education
expenses
-- The bill provides that individuals may make
penalty-free withdrawals from their IR…
IRCCourt RulingsMar 27, 1989related by meaning
ended returns, The conditions were not met, and it was not an abuse of discretion to disqualify the plan.
Revocation of Favorable Determination Letter The Supreme Court has held that the Commissioner has broad discretion under section 7805(b) in deciding whether to revoke a ruling retroactively, and that his determinat…
IRCCourt RulingsMay 25, 2005
…(2)(E) was added by the Taxpayer
Relief Act of 1997, Pub. L. 105-34, section 203(a), 111 Stat.
788, 809. The report of the Committee on the Budget refers only
IRCCourt RulingsSep 14, 1993related by meaning
nternal Revenue Code of 1986 (as amended by subsection (a) [of this Act]) that the distribution be received after attaining age 591/2 shall not apply. (C) Lump Sum Distributions to Which Paragraph Applies. — This paragraph shall apply to any lump sum distribution if—
(i) such lump sum distribution is received by an ind…
IRCCourt RulingsApr 27, 2006
…(c)(4) and (5) and 7701(a)(37);
Taxpayer Relief Act of 1997, Pub. L. 105-34, sec. 203(a), 111
Stat. 809. This is evident in the report of the Committee on the
Budget, which provides:
Penalty free IRA withdrawals for education
expenses
-- The bill provides that individuals may make
penalty-free withdrawals from their IR…
IRCCourt RulingsFeb 6, 2012
…the Self-Employed Individuals Tax Retireinen't Act of 1962
(1962 Act), Pub. L. No. 87-792, 76 Stat. 809, to allów sel'f-employed taxpáyers to
- 6 -
deduct from:gross income the contributions they made to their pension plans.5 S.
Rept. No. 87-992 supra, 1962-3 C.B. at 303. To allow the deduction, 1962 Act
sec. 3, 76 Sta…
IRCCourt RulingsMay 15, 2003
…academic periods beginning after such date”. Taxpayer Relief Act
of 1997, Pub. L. 105-34, 111 Stat. 809.
the imposition of additional tax under section 72(t) applies to
her. Therefore, we also sustain respondent’s determination as to
Mrs. Keeley’s pension distribution.