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41. PLR 201628004 — Required Distributions
    IRCPrivate Letter RulingsJul 8, 2016
    …7, 329-330 (8th Cir. 1957) , affd. 24 T.C. 69 (1955) ; Estate of Nicholson v. Commissioner, 94 T.C. 666, 673 (1990) ; Fono v. Commissioner, 79 T.C. 680, 695 (1982) , affd. without published opinion 749 F.2d 37 (9th Cir. 1984) ; American Nurseryman Publishing Co. v. Commissioner, 75 T.C. 271, 275 (1980) , affd. without …
42. T.C. Memo. 2015-244 — Jeremiah J. O'Connor & Mary K. O'Connor v. Commissioner
    IRCCourt RulingsDec 16, 2015related by meaning
    …83, is exactly 20% of the notice's determined tax deficiency of $142,416. B. Applicable Law Section 6662(a) and (b)(1)-(3) provides for an accuracy-related penalty (the penalty) in the amount of20% of the portion of any underpayment attributable to, among other things, negligence or intentional disregard of rules or re…
43. PLR 201628006 — Required Distributions
    IRCPrivate Letter RulingsJul 8, 2016
    …7, 329-330 (8th Cir. 1957) , affd. 24 T.C. 69 (1955) ; Estate of Nicholson v. Commissioner, 94 T.C. 666, 673 (1990) ; Fono v. Commissioner, 79 T.C. 680, 695 (1982) , affd. without published opinion 749 F.2d 37 (9th Cir. 1984) ; American Nur seryman Publishing Co. v. Commissioner, 75 T.C. 271, 275 (1980) , affd. without…
44. T.C. Memo. 1996-545 — Creston Swaim v. Commissioner
    IRCCourt RulingsDec 17, 1996related by meaning
    unt required under the statute, imposition of the addition to tax under section 6654 is automatic, unless the taxpayer shows that one of the statutory exceptions applies. Niedringhaus v. Commissioner , 99 T.C. 202, 222 (1992); Grosshandler v. Commissioner , 75 T.C. 1, 20-21 (1980). Petitioner bears the burden to show q…
45. T.C. Summary Opinion 2002-87 — Robert C. Jacobsen and Carol S. Jacobsen v. Commissioner
    IRCCourt RulingsJul 11, 2002
    … were substantially equal. Under Internal Revenue Service Notice 89-25, Q&A No-12, 1989-1 C.B. 662, 666, there are three methods
46. PLR 201628005 — Required Distributions
    IRCPrivate Letter RulingsJul 8, 2016
    …7, 329-330 (8th Cir. 1957) , affd. 24 T.C. 69 (1955) ; Estate of Nicholson v. Commissioner, 94 T.C. 666, 673 (1990) ; Fono v. Commissioner, 79 T.C. 680, 695 (1982) , affd. without published opinion 749 F.2d 37 (9th Cir. 1984) ; American Nurseryman Publishing Co. v. Commissioner, 75 T.C. 271, 275 (1980) , affd. without …
47. T.C. Memo. 1999-199 — Don Laverne Clarke v. Commissioner
    IRCCourt RulingsJun 18, 1999related by meaning
    1402(a). We therefore simply sustain respondent's determination as respondent did not assert an increased deficiency in this regard. See sec. 6214(a). used for retirement purposes, a 10 percent penalty is generally imposed on IRA distributions made before the taxpayer reaches age 59-1/2. See sec. 72(t). In that regard,…
48. T.C. Memo. 1999-61 — Stephen L. & Colleen Atwood v. Commissioner
    IRCCourt RulingsMar 4, 1999related by meaning
    -related penalty under section 6662 for a substantial understatement of tax for taxable year 1995. Section 6662(a) imposes a 20-percent penalty on the portion of an underpayment of tax attributable to, among other things, a substantial understatement of income tax, which is defined as an understatement that exceeds the…
49. T.C. Memo. 1998-13 — Francisco A. Murillo v. Commissioner
    IRCCourt RulingsJan 12, 1998related by meaning
    Memo. 1993-61; Ianniello v. Commissioner , 98 T.C. 165, 180 (1992); cf. Helvering v. Mitchell , 303 U.S. 391, 397 (1938) (holding that the addition to tax for fraud is remedial). Courts have considered the cases - 8 - cited by petitioner in the Federal income tax arena and found that these cases did not apply for purpo…
50. 83 T.C. 132; 83 T.C. No. 9 — Boggs v. Commissioner
    IRCCourt RulingsJul 24, 1984related by meaning
    rectly involved in such ruling. * * *” See also Rev. Proc. 67-1, 1967-1 C.B. 544; Rev. Proc. 72-3, 1972-1 C.B. 698; Rev. Proc. 80-24, 1980-1 C.B. 658. See Judge Chabot’s dissenting opinion in Woodson v. Commissioner, 73 T.C. 779,786,791 (1980), where it was suggested that the majority opinion therein could possibly be …
51. T.C. Memo. 2011-253 — George R. Ward, Petitioner and Victoria J. Ward, Intervenor v. Commissioner
    IRCCourt RulingsOct 31, 2011
    …007, George R. Ward and Victoria J. Ward received a deficiency notice from the IRS determining a $2,666.50 deficiency for 2005.3 The deficiency was based on the couple's liability for the 10-percent additional tax on early distributions from retirement plans. Neither George R. Ward nor Victoria J. Ward filed a Tax Cour…
52. T.C. Memo. 2019-17 — Burbach Aquatics, Inc. v. Commissioner
    IRCCourt RulingsMar 7, 2019
    …income total deductions taxable income "(...continued) year. - 17 - [*17] 2003 $365,671 ($300,971) $666,641 2004 727,769 92,770 635,000 2005 424,681 (316,620) 741,300 2006 (266,866) (658,780) 391,913 2007 -0- 112 (l12) He also hired an employee-benefits lawyer named Timothy Stewart to review the Grant County Pension Pl…
53. T.C. Memo. 2007-327 — Gregory Eugene Thompson v. Commissioner
    IRCCourt RulingsOct 31, 2007related by meaning
    ner's legal obligations here . See, e .g ., Pessin v . Commissioner , 59 T .C . 473, 489 (1972) ; Rosanova v . Commissioner , T .C . Memo . 1985-306 ; Grant v . Commissioner , T .C . Memo . 1980-242 . -11IV . Section 6673 Penalt y We now consider whether petitioner should be held liable for a penalty under section 6673…
54. 115 T.C. No. 5 — Wan B. & Cecilia Lo v. Commissioner
    IRCCourt RulingsJul 31, 2000
    …85); see also Gallick v. Baltimore & O. R. Co. , supra at 115; In re TMI Litig. , 193 F.3d 613, 665-666 (3d Cir. 1999). Mr. DeWeese is no stranger to this Court. He testified in Booth v. Commissioner , 108 T.C. 524 (1997), as an expert on multiple employer plans. We find him to be reliable, relevant, and helpful. We cr…
55. T.C. Memo. 2020-147 — Ram Ratan Sharma & Shakuntala Sharma v. Commissioner
    IRCCourt RulingsOct 29, 2020
    …therefore must be taken into account in calculating their MAGI. Opperwall v. Commissioner, 105 F.3d 666, 1997 WL 8473, at *1 (9th Cir. 1997) (unpublished table decision); sec. 1.469-lT(j)(1), Temporary Income Tax Regs., 53 Fed. Reg. 5711 (Feb. 25, 1988). Petitioners do not contend, nor does the record suggest, that the…
56. U.S. Tax Court — Charles & Kathy A. Welker v. Commissioner
    IRCCourt RulingsDec 15, 2009
    …e has promulgated guidance concerning this exception in Notice 89-25, Q&A -6 12, 1989-1 C .B . 662, 666 . The notice provides that payments will be considered substantially equal periodic payments if the payments are determined by one of three methods : (1) ;The required minimum distribution method, (2) the fixed amort…
57. T.C. Memo. 2001-146 — Michael T. Chappell v. Commissioner
    IRCCourt RulingsJun 20, 2001related by meaning
    er Section 6662(a) Respondent contends that petitioner is liable for the accuracy-related penalty for negligence under section 6662 for 1994 and 1995. Taxpayers are liable for a penalty equal to 20 percent of the part of the underpayment attributable to negligence or disregard of rules or regulations. See sec. 6662(a) …
58. T.C. Memo. 2009-218 — Von H. Argyle v. Commissioner
    IRCCourt RulingsSep 17, 2009
    …for early withdrawals from a retirement plan ; and (6) whether petitioner is liable for the section 666 2 accuracy-related penalty for each of the years in issue . 3' - FINDINGS OF FAC T Some of the facts have been stipulated, and the stipulated facts are incorporated in our findings by this reference . Petitioner-resi…
59. T.C. Memo. 2000-78 — Philip Lewis Hart v. Commissioner
    IRCCourt RulingsMar 7, 2000related by meaning
    … petitioner is liable for the addition to tax under section 6654 for the 1996 taxable year. Section 6662(a) provides for an accuracy-related penalty in the amount of 20 percent of the portion of an underpayment of tax attributable to, among other things, negligence or disregard of rules or regulations. Sec. 6662(a) and…
60. T.C. Memo. 2010-20 — Gregory A. & Carolyn S. Prough v. Commissioner
    IRCCourt RulingsFeb 3, 2010
    …S Notice 8925 methods) may qualify for the exception . IRS Notice 89-25, Q&A-12, 1989-1 C .B . 662, 666 . Additionally, this Court has held that conforming to one of the IRS Notice 89-25 methods may relieve a taxpayer of the 10-percent additional tax . See Arnold v . Commissioner , 111 T .C . 250, 252 n .1 (1998) . The…