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61. Notice 2024-55 — Certain Exceptions to the 10 Percent Additional Tax Under Code Section 72(t)
    IRCNoticesJul 8, 2024related by meaning
    nal revenue law. Generally, tax returns and tax return information are confidential, as required by section 6103 of the Code. VI. DRAFTING INFORMATION The principal authors of this notice are Naomi Lehr, Vernon Carter, and Pamela R. Kinard of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organization…
62. U.S. Tax Court — Michael K. Billups v. Commissioner
    IRCCourt RulingsJun 1, 2009related by meaning
    account of the employee's disability ; (4) as part of a serie s e for life ; (5) to a employee after separation from service after attainment of ag A substantially equal periodic payments m 55 ; (6) as dividends paid with, respect to corporate stoc k described in section 404(k) ; (7) to an employee for medica l or (8)…
63. T.C. Memo. 2003-223 — Richard Wos v. Commissioner
    IRCCourt RulingsJul 29, 2003related by meaning
    eminded petitioner about section 6673(a)(1) and indicated that, in the event petitioner continued to make statements, contentions, and arguments as to why his net profit for each of the years at issue from his washing machine repair business and his pension income for 1997 are not subject to tax that the Court finds to…
64. 71 T.C. 824; 1 Employee Benefits Cas. (BNA) 2016 — Tamko Asphalt Products, Inc. v. Commissioner
    IRCCourt RulingsFeb 15, 1979related by meaning
    rative record that petitioner did not meet the 4-40 vesting schedule; consequently, it must satisfy either the key employee test or the turnover test. Rev. Proc. 75-49, supra at sec. 3.02(3), generally provides that if the relevant employment period, defined as the period of consecutive full-calendar months during whic…
65. T.C. Memo. 2010-115 — Ronald D. & Lorie A. Jelling v. Commissioner
    IRCCourt RulingsMay 27, 2010
    …om Benistar Plan when the underlying policy had a net surrender value of $83,158 .85 and he paid $2,970 .47, yielding a fee of 3 .6 percent Mogelefsky withdrew from Benistar Plan when his . second policy had an account value of $255,089 .19 and an approximate surrende r charge of $20,803 .71, yielding a net surrender v…
66. 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…
67. 92 T.C. 376; 92 T.C. No. 24 — Foil v. Commissioner
    IRCCourt RulingsFeb 22, 1989related by meaning
    n from sec. 457 altogether. We note the irony that, on answering brief in another issue in the instant case, petitioners make the following statement: It is improper to resort to legislative history where the statute is clear. U.S. v. Prudential Ins. Co. of America, 461 F.2d 280 (5th Cir. 1972); U.S. v. Marett, 325 F.2…
68. 68 T.C. 929 — Jobusch v. Commissioner
    IRCCourt RulingsSep 19, 1977
    …3430-74 Docket No. 3431-74 1968.. $8,234.89 $7,969.60 $1,579.14 1969.. 4,726.99 4,898.50 23,724.39 1970.. 20,970.46 20,541.52 20,772.07 Various issues have been settled. Those remaining for resolution are whether contributions made by Friedman & Jobusch Architects & Engineers, Inc. (sometimes referred to as the Corpora…
69. 115 T.C. No. 33 — Sherwin-Williams Company Employee Health Plan Trust, Key Trust Company of Ohio, Trustee v. Commissioner
    IRCCourt RulingsNov 9, 2000related by meaning
    115 T.C. No. 33 UNITED STATES TAX COURT SHERWIN-WILLIAMS COMPANY EMPLOYEE HEALTH PLAN TRUST, KEY TRUST COMPANY OF OHIO, TRUSTEE, Petitioner v . COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 21333-97. Filed November 9, 2000. Trust (T), a tax-exempt voluntary employees’ beneficiary association described in sec.…
70. 53 T.C. 344 — Stewart v. Commissioner
    IRCCourt RulingsNov 26, 1969
    …ce of” any hypothetical “separation.” E. N. Funkhouser, supra at 184; see Maurice Osterman, 50 T.C. 970 (1968). Decision will be entered u/nder Bule 50. All section references are to the Internal Revenue Code of 1954, as amended, unless otherwise noted» SEC. 402. TAXABILITY OF BENEFICIARY OF EMPLOYEES’ TRUST. (a) Taxab…
71. 67 T.C. 131 — Babst Services, Inc. v. Commissioner
    IRCCourt RulingsNov 4, 1976
    … the taxable year were as follows: Salary Weekly through Position salary 5/26/71 Estimator. $230 $9,970 Expediter. 230 8,570 Clerk/typist. 90 2,518 The 44 hourly employees excluded from coverage under the ' profit-sharing plan all belonged to unions which maintained their own pension plans. Petitioner made contribution…
72. 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)…
73. T.C. Memo. 2010-263 — Ernestine Forrest v. Commissioner
    IRCCourt RulingsDec 2, 2010related by meaning
    5T(c) (1) and (2), Temporary Income Tax Regs., 50 Fed. Reg. 46016, 46017 (Nov. 6, 1985). Although a contemporaneous log is not required, corroborative evidence to support a taxpayer's reconstruction "of the elements * * * of the expenditure or use must have a high degree of probative value to elevate such statement" to…
74. 83 T.C. 154; 83 T.C. No. 10 — Tipton & Kalmbach, Inc. v. Commissioner
    IRCCourt RulingsJul 25, 1984related by meaning
    cated, and all Rule references are to the Tax Court Rules of Practice and Procedure. See Tipton & Kalmbach, Inc. v. Commissioner, T.C. Memo. 1982-260. We note, however, that Congress in enacting ERISA appears to have adopted the facts and circumstances test of sec. 1.401-6(b)(2), Income Tax Regs., for determining wheth…
75. T.C. Summary Opinion 2013-51 — Martin Toombs v. Commissioner
    IRCCourt RulingsJun 25, 2013related by meaning
    rences are to the Internal Revenue Code in effect for the year in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure. 2 All dollar amounts are rounded to the nearest dollar. 3 Petitioner concedes that he is not entitled to the $24,248 alimony deduction that he claimed on his 2007 Federa…
76. T.C. Memo. 2002-17 — Angela C. Morris v. Commissioner
    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…
77. T.C. Memo. 1996-421 — Joe M. & Patricia M. Brown v. Commissioner
    IRCCourt RulingsSep 18, 1996related by meaning
    sents taxable earnings from petitioner's IRA and that such amount is properly includable in petitioners' gross income for 1990. Sec. 408(d)(1). - 25 - In view of our conclusion, supra , that petitioner's Transfer Refund qualifies for tax-free rollover treatment in 1989 under section 402(a)(5)(D), we understand petition…
78. 30 T.C. 96 — Thompson-Hayward Chemical Co. v. Commissioner
    IRCCourt RulingsApr 23, 1958related by meaning
    ny asserted abnormality under section 433 (b) (9) of the 1939 Code, was $770,547.83, $754,407.22, $670,214.40, and $497,443.65, respectively. OPINION. The first issue is whether the deduction claimed by the petitioner for officers’ compensation in the base period year ended January 31, 1947, entitles petitioner to cert…
79. T.C. Memo. 2014-48 — Jennifer Lynn Fields v. Commissioner
    IRCCourt RulingsMar 19, 2014related by meaning
    ax Return, for 2010. On line 7, Wages, salaries, tips, etc., of her Form 1040 petitioner reported $27,971, which comprises the wages she received from Redland and Storybook, the interest income, and the distribution from her retirement plan. Petitioner did not report any amount on line 58, Additional tax on IRA's, othe…
80. 147 T.C. No. 14 — Pizza Pro Equipment Leasing, Inc. v. Commissioner
    IRCCourt RulingsNov 17, 2016related by meaning
    culating the required reduction in the section 415 dollar limitation. Accordingly, inasmuch as respondent applied this method to calculate the reduced benefit limitation under section 415(b)(2)(C) for the plan, his calculations of the age 45 limits for tax years 2002 through 2006 are correct. III. Petitioner's Liabilit…