IRCCourt RulingsAug 30, 2006related by meaning
rough prosecution
of a legal suit or action based upon tort or tort type rights, or
- 14 -
through a settlement agreement entered into in lieu of such prosecution.” Sec. 1.104-1(c), Income Tax Regs. Thus, the
exclusion must derive from some sort of tort claim against the
payor. Rickel v. Commissioner
, 900 F.2d 655, 65…
143 T.C. No. 5 — Parimal H. Shankar & Malti S. Trivedi v. Commissioner IRCCourt RulingsAug 26, 2014
…ght or a suspect category, it was constitutional if the classification
had a reasonable basis. E at 776. Examining the legislative history in enacting
deductions for IRA contributions, we determined that the reasonable basis was
Congress' intent to make available "'a special deduction for amounts set aside for
retireme…
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…
IRCCourt RulingsFeb 25, 1959related by meaning
y at the time it was terminated and hence section 165 (b) did not apply. Eespondent has cited no case which would require a different conclusion here. On the facts here involved it is our opinion that the distribution received by petitioner in the year 1955 was paid to him on account of his separation from the service …
136 T.C. No. 6 — Michael P. Schwab & Kathryn J. Kleinman v. Commissioner IRCCourt RulingsFeb 7, 2011
…) or
the net cash-surrender value remained,greater thanszero.?
Kleinman's "no-lapse" premium was $3,776.69. With the initial
premium payment of only $120,000, the net cash-surrender value of
her policy would have to exceed zero after only 31 months to
avoid a lapse or incur an obligation to pay more premiums-.
When in …
IRCCourt RulingsNov 30, 2006
… Cir. 1964). Our jurisdiction to grant
equitable relief is limited. Woods v. Commissioner
, 92 T.C. 776,
784-787 (1989); Estate of Rosenberg v. Commissioner
, 73 T.C.
1014, 1017-1018 (1980). Accordingly, we must sustain
respondent’s determination.
Reviewed and adopted as the report of the Small Tax Case
Division.
To re…
IRCCourt RulingsNov 7, 1996related by meaning
T.C. Memo. 1996-502
UNITED STATES TAX COURT
ELAINE S. BENNETT, Petitioner v
.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 8545-96. Filed November 7, 1996.
Vernon E. Robbins
, for petitioner.
Alan R. Peregoy
, for respondent.
MEMORANDUM OPINION
DAWSON, Judge
: This case was assigned to Special Trial
Judge Ro…
IRCCourt RulingsDec 29, 2005
… OPINION
COLVIN, Judge: Respondent determined a deficiency in
petitioner's Federal income tax of $1,776 for 2001.
SERVED DEC 2 9 2005
After petitioner's concession,¹ the issues for decision are
whether petitioner may deduct for 2001 (1) $1,916 that she paid ..
to a French retirement plan, and (2) real estate taxes. We …
IRCCourt RulingsJun 11, 1996
…nt. Estate of Lang v. Commissioner
, 64 T.C. 404, 406-407
(1975), affd. on this issue 613 F.2d 770, 776 (9th Cir. 1980).
However, it is equally clear that we may adopt a ruling's
reasoning if it is persuasive. Neuhoff v. Commissioner
, 669 F.2d
IRCCourt RulingsJan 27, 1998★ strong match
began on the date that the
prohibited transaction occurred, May 31, 1988, and ended on the
-14-
8
Petitioner contends that the second-tier tax of sec. 4975(b) is not applicable because of ERISA sec. 502(i), 29 U.S.C.
1132(i) (1988). ERISA sec. 502(i) provides the following:
In the case of a transaction prohibited by se…
IRCCourt RulingsSep 22, 1998related by meaning
ights-related activity. And
since none of petitioner's compensation for the year was
includable in gross income, all of petitioner's IRA contributions for the year are nondeductible. Secs. 219(b), 408(o).
Contributions are deemed to have been made to an IRA on the
last day of the preceding taxable year if the contribut…
IRCCourt RulingsApr 3, 2018
…C. 783 (1983); see also Commissioner v. McCoy,
484 U.S. 3, 7 (1987); Woods v. Commissioner, 92 T.C. 776, 784-787 (1989); Hays
Corp. v. Commissioner, 40 T.C. 436, 442-443 (1963), af[d, 331 F.2d 422 (7th Cir.
1964). We may not rewrite the law because we may deem its "effects susceptible
of improvement". Commissioner v. L…
IRCCourt RulingsFeb 26, 2014related by meaning
tions: (1) to an employee age 59-1/2 or older; (2) to a beneficiary (or the
employee's estate) on or after the employee's death; (3) on account of the employee's disability; (4) as part of a series of substantially equal periodic
payments made for life; (5) to an employee after separation from service after
attainment …
IRCCourt RulingsJul 24, 2017
…21, 2013. On his 2012 tax return petitioner reported income of $216,147 consisting of wages of $122,776, pensions and annuities of $86,000
(the total of the amounts he withdrew from his KPMG section 401(k) retirement
plan account), and unemployment compensation of $7,371. Petitioner did not
report the deemed distributi…
IRCCourt RulingsFeb 6, 1992related by meaning
, Pub. L. 100-647,102 Stat. 3342. No inferences as to whether or not earlier regulations are valid should be drawn from the amendment of sec. 7805(e). As noted in the facts, petitioner had 34 employees on Jan. 31, 1986, but paid bonuses to only 33 employees because one employee left the company prior to the date of pay…
IRCCourt RulingsFeb 9, 2023
…ors.” Altera Corp. & Subs. v. Commissioner , 145 T.C. at 112 (quoting
Sherley v. Sebelius, 689 F.3d 776, 784 (D.C. Cir. 2012) ).
208
To the extent it matters whether the Treasury Department considered the
public comments, petitioner has conceded that the Treasury Department considered
the public comments. First, paragr…
IRCCourt RulingsApr 13, 2010
…quently, our jurisdiction to grant
equitable relief is limited . Woods v . Commissioner , 92 T .C . 776,
784-787 (1989) ; Estate of Rosenberg v . Commissioner , 73 T .C .
- 8 -
1014, 1017-1018 (1980) . This Court is limited by the exceptions
enumerated in section 72(t) . See, e .g ., Arnold v . Commissioner ,
111 T .C …
IRCCourt RulingsNov 21, 2007
…085 6,818 .47 1,608 .94 8,427 .4 1
1994 66 .0084 15,698 .12 1,725 .72 17,423 .8 4
1995 108 .1071 46,776 .86 6 .29 46,783 .1 5
1996 144 .5164 108,732 .69 30 .90 108,763 .5 9
1996 110,116 .148 0
1997 10,323 .9064 304,555 .24 10 .31 304,565 .5 5
'Number of shares restated to reflect a 70-to-1 stock split .
After petitione…
IRCCourt RulingsJun 24, 2003related by meaning
tract unless such amounts are
specifically excluded from gross income under other provisions of
chapter 1 of the Code. The burden is on petitioners to demonstrate that the payments in question fall into a specific
statutory exclusion. See Commissioner v. Glenshaw Glass Co.
, 348
U.S. at 429-431.
Under section 72(t), a …
IRCCourt RulingsOct 25, 2006
…quently, our jurisdiction to grant
equitable relief is limited . Woods v . Commissioner , 92 T .C . 776,
784-787 (1989) ; Estate of Rosenberg v . Commissioner , 73 T .C .
1014, 1017-1018 (1980) . This Court is limited by the exceptions
enumerated in section 72(t) . See, e .g ., Arnold v . Commissioner ,
111 T .C . 250,…