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61. T.C. Memo. 2011-58 — Erin N. Hellweg v. Commissioner
    IRCCourt RulingsMar 9, 2011related by meaning
    ities. Classification of the transaction as a prohibited transaction under section 408(e) (2) (A) results in a deemed distribution of the IRA's assets to the taxpayer that is included in the taxpayer's income and is subject to a 10-percent additional tax. See secs. 72(t), 408(e) (2) (]B). In cases where the Service att…
62. T.C. Summary Opinion 2002-152 — Sanford M. & Sally Kirshenbaum v. Commissioner
    IRCCourt RulingsNov 25, 2002related by meaning
    (c)(2). Thus, we sustain respondent’s determination on this issue. C. Petitioner’s IRA Deductions As a preliminary matter, we note that deductions are strictly a matter of legislative grace, and a taxpayer bears the burden of proving his or her entitlement to the claimed deductions. 18 Rule 142(a)(1); see New Colonial …
63. PLR 201313025 — Taxability of Beneficiary of Employee's Trust (Time and Manner of Taxation)
    IRCPrivate Letter RulingsMar 29, 2013
    …, aff’d without published opinion , 212 F.3d 600 (11th Cir. 2000). See also Janis v. Commissioner , 461 F.3d 1080 (9th Cir. 2006); Estate of Ashman v. Commi ssioner , 231 F.3d 541 (9th Cir. 2000); and LeFever v. Commissioner , 100 F.3d 778 (10th Cir. 1996). In this case, the taxpayer excluded the $X from her gross inco…
64. 105 T.C. 16; 105 T.C. No. 2 — Snap-Drape v. Commissioner
    IRCCourt RulingsJul 13, 1995related by meaning
    ere the detriment is very severe. Beneficial Life Ins. Co. v. Commissioner, 79 T.C. 627, 642 (1982); see also CWT Farms, Inc. v. Commissioner, 79 T.C. 1054, 1068-1069 (1982) (retroactive application of a regulation was sustained where the taxpayer unjustifiably relied on a handbook published by respondent for guidance)…
65. 72 T.C. 768; 1 Employee Benefits Cas. (BNA) 1603 — Guest v. Commissioner
    IRCCourt RulingsAug 3, 1979related by meaning
    Chabot, Judge: Respondent determined deficiencies in petitioners’ Federal income tax and in excise tax under section 4973(a) for 1975, as follows: Deficiencies in— Docket No. Petitioners Income tax gi 6173-77 John L. Guest .$437.60 9115-77 James Ventresca and Jordy L. Ventresca . 296.00 Jerome Kobos . 286.18 Edward And…
66. T.C. Memo. 1997-250 — John E. & Concetta Lozon v. Commissioner
    IRCCourt RulingsJun 4, 1997related by meaning
    amount is erroneously treated as self-employment income, or if an amount is erroneously treated as wages, and (2) If the correction of the error would require an assessment of one such tax and the refund or credit of the other tax, and - 23 - (3) If at any time the correction of the error is authorized as to one such t…
67. PLR 199925042 — Deduction for Contributions of Employer to an Employee's Trust or Annuity Plan and Compensation Under a Deferred-Payment Plan (Deduct. v. Not Deduct.)
    IRCPrivate Letter RulingsJun 25, 1999
    …the service recipient in accordance with its method of accounting (in conformity with IRC §§446 and 461). The Tax Court addressed the issue of deferred compensation in Schmidt Baking Co., Inc. v. Commissioner , 107 T.C. 271 (1996). In Schmidt Baking , the taxpayer was an accrual-basis taxpayer with a fiscal year that e…
68. T.C. Memo. 2024-24 — James Elbert Aldridge, Jr. & Shirley Lorraine Aldridge v. Commissioner
    IRCCourt RulingsFeb 21, 2024related by meaning
    is obtained on or before the date the IRS issues a notice of deficiency.”), aff’ g in part, rev’g in part and remanding T.C. Memo. 2020-99; Kroner v. Commissioner, 48 F.4th 1272, 1276– 81 (11th Cir. 2022), rev’g in part T.C. Memo. 202073; Laidlaw’s Harley Davidson Sales, Inc. v. Commissioner , 29 F.4th 1066, 1071– 74 …
69. 105 T.C. 141; 105 T.C. No. 12 — Brotman v. Commissioner
    IRCCourt RulingsAug 24, 1995related by meaning
    spouse, child, or other dependent of a participant, and (ii) is made pursuant to a State domestic relations law (including a community property law). “The reason that many ERISA sections have such counterparts in the IRC is that, to encourage employers to establish pension plans, Congress provides favorable tax treatme…
70. PLR 199913003 — Amount of Deduction
    IRCPrivate Letter RulingsApr 2, 1999
    …) on the short period return (as is generally the rule under the all events test of Treas. Reg. ' 1.461-1(a)(2)). The Service concluded that disallowing the taxpayer a deduction for the acc rued amount would result in a distortion of income and expense in both short tax years. The common thread running through all thes…
71. 66 T.C. 348 — Comprehensive Designers International, Ltd. v. Commissioner
    IRCCourt RulingsMay 26, 1976related by meaning
    poses of this case, that the credit which petitioner will obtain is precisely equal to the amount of the creditable foreign taxes in terms of dollars. For the reasons stated, we hold that the foreign tax credit available to petitioner for fiscal 1967 should be adjusted to reflect the dollar cost on the payment date of …
72. PLR 200648028 — Definitions and Special Rules
    IRCPrivate Letter RulingsDec 1, 2006
    …ift tax liability. TAM - 142156-05 6 6402. See Estate of Baumgardner v. Commissioner , 85 T.C. 455, 461 (1985), acq., 1986-2 C.B. 1 (stating that “an overpayment of an installment is not an ‘overpayment of tax’ until the entire amount of the tax has been paid;” citing Blair v. Birkenstock
73. PLR 200931049 — Ten or More Employer Plan Exception
    IRCPrivate Letter RulingsJul 31, 2009
    …rther, changed the tim ing of the deduction for accrual basis taxpayers from the general rules of § 461. trade or business; (3) was an expense; (4) was a necessary expense; and (5) was an ordinary expense. Commissioner v. Lincoln Savings & Loan Assoc. , 403 U.S. 345, 352 (1971); T.J. Enterprises, Inc. v. Commissioner ,…
74. PLR 200009002 — Treatment of Funded Welfare Benefit Plans
    IRCPrivate Letter RulingsMar 3, 2000
    …ere is no accrual issue because the regulations under section 419 treat the requirements of section 461(a) as having been satisfied to the extent that the otherwise applicable section 419 requirements are met. See §1.419-1T, Q&A-10(d). The real problem (for the deduction) is simply that the 419 requirements are not met…