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41. 45 T.C. 133 — Jacobs v. Commissioner
    IRCCourt RulingsOct 28, 1965related by meaning
    ifying 16 T.C. 882 (1951), certiorari denied 344 U.S. 874, with Brainard Steel Corporation v. United States, 137 Ct. Cl. 114, 146 F. Supp. 461 (1956). Petitioner argues in the alternative that if Credit, Inc., is denied the deduction in its final taxable period he should be allowed a deduction for (a) amounts actually …
42. 95 T.C. 289; 95 T.C. No. 22 — Estate of Levitt v. Commissioner
    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…
43. T.C. Summary Opinion 2005-10 — Jerome P. & Rhonda A. Reimann v. Commissioner
    IRCCourt RulingsJan 27, 2005related by meaning
    the deficiency in this case. With respect to petitioners' first contention, as noted earlier, section 72(t)(2) excepts from the additional tax certain categories of distributions. Petitioners agree that none of these categories apply to their fact situation. Instead, petitioners contend that, because of financial hards…
44. Rev. Rul. 2007-67 — Mortality tables; single sum distributions; section 417(e)(3) of the Code. This ruling pertains to the mortality table to be used when calculating a single sum…
    IRCRevenue RulingsNov 26, 2007
    INCOME TAX T.D. 9362 T.D. 9362 Temporary and proposed regulations under section 905 of the Code provide rules relating to a United States taxpayer's obligation to notify the Internal Revenue Service of a foreign tax redetermination, which is a change in foreign tax liability that may affect the taxpayer's foreign tax c…
45. 97 T.C. 51; 97 T.C. No. 4 — Darby v. Commissioner
    IRCCourt RulingsJul 24, 1991related by meaning
    Yolanda) was the distributee (within the meaning of section 402(a)(1)) of the entire distribution here in dispute. II. Taxability of the Distribution Preliminarily, we note that the apparent effect of petitioner’s contention that section 72 authorizes him to exclude $75,000 from income — if we were to agree with it — …
46. T.C. Memo. 2002-166 — Wayne A. McFadden v. Commissioner
    IRCCourt RulingsJul 2, 2002
    …According to petitioner’s accountant, the amount of the distribution should have been reduced by $5,905, from $176,276 to $170,371. Respondent agreed with this reduction. By summer 1995, Stephanie was experiencing financial difficulties from having to make 3 monthly payments. Stephanie informed petitioner that she coul…
47. Treas. Reg. § 1.401(l)-3(e)(3) — Permitted disparity for defined benefit plans.
    IRCRegulationsMay 18, 2016
    … in maximum excess allowance and maximum offset allowance (percent) 70 1.209 69 1.096 68 0.996 67 0.905 66 0.824 65 0.750 64 0.700 63 0.650 62 0.600 61 0.550 60 0.500 59 0.475 58 0.450 57 0.425 56 0.400 55 0.375 Table IV[Simplified table] Age at which benefits commence Annual factor in maximum excess allowance and maxi…
48. T.C. Memo. 2002-130 — Ray C. & Bernadette B. Baas v. Commissioner
    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…
49. 80 FR 22021 — Proposed Amendment to and Proposed Partial Revocation of Prohibited Transaction Exemption (PTE) 86-128 for Securities Transactions Involving Employee Benefit P…
    ERISAProposed Rules (FR)Proposed Apr 20, 2015related by meaning
    s) earned in connection with the transactions covered by the exemption. Back to Citation 7.  67 FR 64137 (October 17, 2002). Back to Citation 8.   See Advisory Opinion 2011-08A (June 21, 2011). Back to Citation 9.  This proposal would move the definitions from Section I to Section VII. The other sections are re-ordered…
50. PLR 199934002 — Deferred Compensation
    IRCPrivate Letter RulingsAug 27, 1999
    …hed." Frank Lyon Co. v. United States , 435 13 U.S. 561, 583-84 (1978); James v. Comm’r. , 899 F.2d 905, 908-09 (10th Cir. 1990). In assessing the economic substance of a transaction, a key factor is whether the transaction has any practical economic effect other than the creation of tax deductions. Courts have refused…
51. T.C. Memo. 2011-106 — Fredric J. & Dushanka Lowe v. Commissioner
    IRCCourt RulingsMay 19, 2011related by meaning
    Fla. Peach Corp. v. Commissioner, 90 T.C. 678, 681 (1988). Either party may move for summary adjudication upon all or any part of the legal issues in controversy. Rule 121(a). Full or partial summary judgment is appropriate where the record shows that there is no genuine issue as to any material fact and that a decisi…
52. T.C. Memo. 2012-104 — Jerald W. & Claudia K. White v. Commissioner
    IRCCourt RulingsApr 11, 2012
    … members. The insurance policies purchased for - 28 - Dr. and Mrs. White had face values equal to 3.905 times the amount of W-2 wages listed on the census form signed by Dr. White. The insurance policies purchased for Margaret and Eric had face values equal to approximately five times the amount of W-2 wages listed on …
53. T.C. Summary Opinion 2014-18 — Thomas Wesley Alexander & Sylvia Alexander v. Commissioner
    IRCCourt RulingsFeb 26, 2014related by meaning
    ount (IRA); (2) are liable for the 10% additional tax under section 72(t); and (3) are liable for the accuracy-related penalty under section 6662(a).' A few of the facts have been stipulated and are so found. The stipulation of facts and the exhibits received in evidence are incorporated herein by reference. Petitioner…
54. 108 T.C. No. 25 — Billy & Ruth Johnson v. Commissioner
    IRCCourt RulingsJun 17, 1997
    …Benefits Trust--New York" (E.I.N. 86-0633138) (the New York Trust): 1989 1990 Tax-exempt income $10,905 $64,477 Total income-0 - - 0 - Fiduciary fees 500 10,623 Total deductions-0 - - 0 - Taxable income-0 - - 0 - Total tax-0 - - 0 - Security Pacific filed 1990 through 1994 Forms 1041 that reported the following items o…
55. T.C. Memo. 2016-31 — Brian M. Polowniak v. Commissioner
    IRCCourt RulingsFeb 25, 2016
    …20 to measure the excess contribution amount and then determined that petitioner was liable for $89,905 in excise tax under section 4973 on the following amounts: (1) Bevco's gross receipts of $782,390 for its taxable year ending January 31, 2003, reported on its 2002 Form 1120 and (2) Bevco's current fiscal year gross…
56. T.C. Summary Opinion 2024-10 — Edward George Shlikas v. Commissioner
    IRCCourt RulingsJun 20, 2024related by meaning
    n IRA or an annuity as defined in section 408(a) and (b). See § 7701(a)(37). 5 Respondent argues that on the basis of the deed dated November 9, 2019, petitioner had an ownership interest in the property before the purchase of his brother’s share on December 5, 2019. See § 72(t)(8)(D)(i). Since we conclude that the dis…
57. T.C. Memo. 2017-136 — David D. Pritchard v. Commissioner
    IRCCourt RulingsJul 10, 2017
    …cussed penalty abatement. We informed your POA that the failure to pay penalties for $319.98 and $2,905.23 have been abated due to good history. However, your POA requested to have the penalty for early distribution withdrawal (Form 1099R) abated. We informed your POA that the account doesn't show any other penalties w…
58. T.C. Memo. 2009-133 — Paul Rudnick v. Commissioner
    IRCCourt RulingsJun 9, 2009
    … Respondent also concedes that petitioner is entitled to :a home mortgage interest deduction of $32,905, and petitioner 'concedes that he is not entitled to the remaining home mortgage :interest deduction of $3,423 . Respondent concedes that petitioner is entitled to $10,998 of deductions claimed on Schedule C, Profit …
59. T.C. Summary Opinion 2003-153 — Joseph Jones v. Commissioner
    IRCCourt RulingsOct 20, 2003related by meaning
    result apparently so at odds with accepted tax policy.” Darby v. Commissioner , supra at 68. We find that petitioner did not have a basis in the 1999 distribution from his section 401(k) plan, and that petitioner properly included the full distribution in his 1999 gross income. Accordingly, we hold that petitioner is l…
60. T.C. Memo. 1995-470 — Harold L. & Gladys M. Humberson v. Commissioner
    IRCCourt RulingsOct 3, 1995related by meaning
    income tax return. Although the Court can appreciate petitioners' frustration, we must nevertheless note that matters involving interest do not, as a general rule, fall within the scope of this Court's jurisdiction. Perkins v. Commissioner , 92 T.C. 749, 752 (1989); LTV Corp. v. Commissioner , 64 T.C. 589, 597 (1975); …