IRCCourt RulingsAug 24, 1995related by meaning
50,000. Of the total, petitioner placed $250,563 into an individual retirement account (IRA). Later in 1988, petitioner withdrew $30,000 from the IRA. On December 30, 1988, petitioner filed a complaint in the U.S. District Court for the Eastern District of Pennsylvania, naming Molitch and David Gillis, the plan adminis…
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 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 RulingsApr 2, 2024
…edent. See Bontrager v. Commissioner, 151
T.C. 213, 215 n.2 (2018); Golsen v. Commissioner, 54 T.C. 742, 757 (1970), aff’d , 445
F.2d 985 (10th Cir. 1971).
4
Disease 2019 (COVID - 19) pandemic. On July 10, 2020, the Court
received and filed the P etition.
On March 13, 2020, the President of the United States declared a…
IRCCourt RulingsJan 11, 2012
… 2002, 2003, and 2004, respectively, as well as an addition to
tax under section 6551(a) (1) of $42,742.for 2002.
With respect to John K. Goyak & Associates, Inc. (Goyak &
Associates), respondent separately determined deficiencies in
Federal income taxes of $199,503, $262,692, $297, $374,137,
$276,571, and $556,223 for…
120 T.C. No. 5 — Wells Fargo & Company, f.k.a. Norwest Corporation and Subsidiaries v. Commissioner IRCCourt RulingsFeb 13, 2003
…tired 23,798,600
33,006,450
38,374,995
42,599,819
c. Total 34,952,703 63,522,425 76,771,679 103,644,742
C. Value of assets (beginning of year)
a. VEBA --- 30,736,554 30,176,217 39,940,676
b. 401(h) --- 1,125,467
1,172,269
7,598,653
c. Total --- 31,862,021 31,348,486 47,539,329
D. Nondeductible contribution from prior
y…
IRCCourt RulingsNov 3, 2008
… . Commissioner , 39 F .2d 540, 543-544 (2d Cir . 1930) ;
Vanicek v . Commissioner , 85 T .C . 731, 742-743, (1985) ., In thos e
instances , the Court may_est mate
heavily if appropriate again t the
he allowable expense, bearing
taxpayer 1whose inexactitude i s
of his or her own making . Cohan v .l Commissioner , supra…
IRCCourt RulingsFeb 18, 1998related by meaning
lure to report any portion of
the distributions. Thus, we find petitioner liable for the
negligence penalty imposed on the portion of the underpayment attributable to the $102,519 not used to purchase the stock.
In keeping with the above holdings,
Decision will be entered
under Rule 155
.
IRCCourt RulingsMay 29, 2002related by meaning
to the additional tax under
section 72(t) and distinguished Larotonda and Murillo on the
ground that "the IRA distributions [in Czepiel] were not made without any active participation by" the taxpayer. Id. That is
equally true of the distribution here.
- 5 -
To reflect the foregoing,
An appropriate order of
dismissal a…
IRCCourt RulingsMar 20, 1997
…r the Ninth Circuit, the circuit
in which this case is appealable, Golsen v. Commissioner
, 54 T.C.
742 (1970), affd. 445 F.2d 985 (10th Cir. 1971), determines
whether a transaction is a sham by the following two-part test:
(1) Has the taxpayer shown a business purpose for engaging in the
transaction other than tax avo…
IRCCourt RulingsAug 12, 1998related by meaning
titioner, WE 7, and
- 18 -
4
The complaint filed in the Superior Court indicates that
the subject matter of the case involved a contract to purchase a portion of a shopping center entered into on Aug. 3, 1987.
the Guardian Construction Co., Inc., as corporate partners of
Estes Co. Petitioner was identified as a partner…
IRCCourt RulingsDec 18, 2012
…mate greater expenses than respondent allowed. See Vanicek
- 62 -
[*62] v. Commissioner, 85 T.C. at 742-743. We also bear in mind that certain
expenses (e.g., automobile expenses, cellular telephones, computer equipment, or
any property of a type generally used for purposes of entertainment, recreation, or
amusement) a…
IRCCourt RulingsSep 30, 1991related by meaning
023.94
81,023.94
81,023.94
81,023.94
64,819.15
For taxable year ended November 26, 1986, respondent determined a second-tier deficiency of $6,481,915. The issues presented for our consideration all involve whether a sale of real estate by petitioners to an employee stock ownership plan was a prohibited transaction givi…
IRCCourt RulingsFeb 18, 1997
… -
as to override the plain meaning of the words used therein.
Huntsberry v. Commissioner
, 83 T.C. 742, 747-748 (1984); see
Pallottini v. Commissioner
, 90 T.C. 498, 503 (1988), and cases
there cited.
2. Section 72(e)(6)
Thus, we turn to the words of section 72(e)(6) that define
investment in the contract, as relevant…
IRCCourt RulingsMar 12, 2008related by meaning
ified retirement plan during
2002, before he had attained age 59-1/2 . Thus, even if the
additional tax under section 72(t) is a "penalty, addition to tax, or additional amount" within the meaning of section 7491(c),
a point we do not decide, there is ample evidence in the record
to satisfy any burden of production imp…
IRCCourt RulingsJan 21, 1997
…s of this
case, as we are persuaded by respondent to do. See Golsen v.
- 8 -
Commissioner
, 54 T.C. 742 (1970), affd. 445 F.2d 985 (10th Cir.
1971).
Because petitioner was covered by an employment-based, tax
advantaged retirement plan during 1992, we hold that for purposes
of section 219(g) he was an employee of the St…
IRCCourt RulingsMar 31, 1970related by meaning
OPINION
Quealy, Judge:
Respondent determined a deficiency in income tax of petitioner for the taxable year September 10, 1965, to June 80, 1966, in the amount of $618.41. The sole issue for decision relates to the deductibility of a payment of $2,000 made to the widow of a former officer of Utilities Engineering & Mana…
IRCCourt RulingsJun 14, 1993related by meaning
e taxpayer in Darby was the distributee of the entire distribution and therefore not entitled to exclude any part of the distribution from his income. Here we have held that there was no QDRO directing payment from the plan to Barbara. We conclude that, in accordance with section 402(e)(4)(G) and with Ablamis and Darby…
29 T.C. 737 — R. G. Le Tourneau, Inc. v. Administrator of General Services IRCCourt RulingsJan 30, 1958related by meaning
contractor or subcontractor” within the meaning of section 403 (a) (4) (D), as to all contracts whether executed by itself or by the Georgia company. The respondent contends that the separate entities may not be ignored. He states that under the Mississippi company’s method of operation, that is, at cost, that company…
IRCCourt RulingsOct 11, 1995related by meaning
. 1995-93.
III. Excise Tax Issues
Finally, we turn to respondent's excise tax determinations.
Section 4973(a) imposes a 6-percent excise tax on excess contributions to an IRA. As relevant herein, an "excess
contribution" is the amount contributed in excess of the amount
allowable as a deduction under section 219, exclu…