IRCCourt RulingsMar 12, 2008related by meaning
ified retirement plan during
2002, before he had attained age 59-1/2 . Thus, even if the
additional tax under section 72(t) is a "penalty, addition to tax, or additional amount" within the meaning of section 7491(c),
a point we do not decide, there is ample evidence in the record
to satisfy any burden of production imp…
IRCCourt RulingsMay 4, 1978
…hers constitute dividend income to Huffaker and House. Challenge Mfg. Co. v. Commissioner, supra at 663. In so doing we note that the minority shareholders had otherwise received dividends in Ma-Tran’s fiscal years 1972 and 1973.
Issue 8. Additions to Tax
Respondent determined that Ma-Tran owes an addition to tax under…
IRCCourt RulingsDec 24, 1985related by meaning
terms of section 1035, and that no gain or loss should be recognized to petitioner by reason of the exchange.
Decision will be entered under Rule 155. All statutory references are to the Internal Revenue Code of 1954 as in effect in the year in issue, and all Rule references are to the Tax Court Rules of Practice and P…
IRCCourt RulingsMar 24, 1980
… Carter Mr. Horner
1971 $145,000 $92,000 $62,071
1972 159,500 97,520 65,720
1973 175,450 103,371 69,663
1974 192,995 109,573 73,843
1975 212,295 116,148 78,273
The Commissioner disallowed the deduction for nondeferred compensation in excess of such amounts and for the contributions to the profit-sharing plan attributab…
IRCCourt RulingsFeb 18, 1997related by meaning
ioner's retirement distribution's
being taxed twice. We think petitioners' contention is
meritorious. Here we take note of the long-standing principle that double taxation is to be avoided unless expressly intended
by Congress. E.g., Maass v. Higgins
, 312 U.S. 443, 449 (1941);
United States v. Supplee-Biddle Hardware …
IRCCourt RulingsDec 19, 2000related by meaning
ec. 402(a), 96 Stat. 324,
648, but had to be determined in the Toans’ individual case.
Alternatively, petitioners argue, any assessment under the 1980 notice is time barred under section 6501. Petitioners assert
that the addition to tax under section 6659 was an affected item
- 7 -
for 1982 and that the related notice …
75 FR 41600 — Reasonable Contract or Arrangement Under Section 408(b)(2)-Fee Disclosure ERISAFinal Rules (FR)Jul 16, 2010
…,818,000 2019
4,309,000
13,410,000
4,766,000
709,000
23,194,000
2020
4,027,000
12,533,000
4,454,000
663,000
21,677,000
Total with 7% Discounting
412,183,000
Total with 3% Discounting
462,827,000
Note:
The displayed numbers are rounded to the nearest thousand and therefore may not add up to the totals.
e. Comments and R…
IRCCourt RulingsSep 28, 2022related by meaning
es applicable t o annuity distributions from CRATs. Thus, to
the extent sections 72 and 664 called for different treatment, section 664
would control. Second, section 7 2 do es not call for different treatment. Section
72(b)(1) allows an exclusion from income only to the extent the taxpayer
has an “investment in the co…
IRCCourt RulingsMar 15, 2011related by meaning
ner, T.C. Memo. 2005-70.
Section 401(a) sets forth the requirements that must be met
by a trust forming part of a profit-sharing plan in order for the trust to be eligible for favorable -tax treatment. Section
7476(a) confers jurisdiction on this Court to issue declaratory
judgments as to the initial and continuing qua…
IRCCourt RulingsSep 28, 2016related by meaning
ere made with post-tax dollars and thus no distributions would be
taxable. She did not so testify. Petitioners allege that they spent more than $1,300 in qualifying tuition, as supported by a statement from their daughter's college,
which they presented for the first time at trial. The statement was not received
- 16 -…
IRCFinal Rules (FR)Dec 18, 2024
…such form and under such conditions as he may from time to time prescribe.”
Free
v.
Bland,
369 U.S. 663, 667 (1962) (citing the predecessor to 31 U.S.C. 3105). Congress provided that the proceeds of savings bonds may be used by the Federal Government for any expenditures authorized by law.
See31 U.S.C. 3105(a).
IRCCourt RulingsMar 5, 1987related by meaning
tions and are administered in a manner identical to the manner in which the payments to article III judges in regular active service are administered. Accordingly, petitioners are not here receiving the double tax benefit Congress sought to prevent by section 219(b)(2)(A).
Having decided that petitioners are entitled t…
67 T.C. 490 — Wisconsin Nipple & Fabricating Corp. v. Commissioner IRCCourt RulingsDec 16, 1976related by meaning
ed plans. The amounts so allowable may be determined in computing the decision in accordance with Rule 155, Tax Court Rules of Practice and Procedure. Decision will be entered under Rule 155.
All statutory references are to the Internal Revenue Code of 1954 as in effect during the years in issue.
(b) Retroactivity of R…
IRCCourt RulingsDec 2, 1981related by meaning
lowing statement: "It has been determined that you did not qualify as an organization exempt from tax under section 501 of the Internal Revenue Code.” On January 14, 1981, petitioner filed its petition herein for declaratory judgment seeking qualification of its retirement trust under sections 401 and 501 based on its …
IRCCourt RulingsJul 5, 1983related by meaning
so determined that petitioners were liable for an addition to tax under sec. 6651(a) in the amount of $28.76. Respondent conceded that issue on brief. The procedures set forth in sec. 7463 apply to cases involving taxes imposed by subtitle A and Chs. 11 and 12 of the Code, subject to monetary limits. As to petitions fi…
IRCCourt RulingsAug 15, 1996related by meaning
c.
Year
6651(a)(1)
1985 $ 813
1986 1,123
1987 1,403
1988 1,529
1989 1,581
1990 1,539
Then, in her reply brief, she conceded that the correct additions to tax are as stated in the text.
The primary issue for decision is whether petitioner engaged
in a prohibited transaction so as to be subject to the first-tier
excise t…
IRCCourt RulingsMay 14, 2001related by meaning
December 19, 1989,
- 6 -
for tax years ending after the date of enactment. See OBRA sec.
7841(a)(3), 103 Stat. 2428. The court order in this case was issued in 1985; it precedes the effective date of section
414(p)(11) and cannot qualify as a QDRO.
The decree provided that petitioner is to receive a "sum of
money equa…
IRCCourt RulingsNov 30, 1981related by meaning
general tax credit (sec. 42), which apparently was taken into account by respondent in his assertion of an increased deficiency and additions to tax. Respondent concedes that, if the 32-page document filed by petitioners with respondent for 1977 constitutes an income tax return for purposes of sec. 6651(a), then the r…
IRCCourt RulingsJul 29, 1997related by meaning
one taxable year; at
best, petitioner's assertion undermines the characterization of
the 1992 distribution as a lump-sum distribution. That position, however, does not advance petitioner's case.
c. Frozen Deposit Rule
Finally, although it is not clear whether petitioner relies
on the special rule for frozen deposits f…
IRCCourt RulingsMay 23, 1979related by meaning
ng preincorporation years, can be recovered as compensation and deductible by a different taxable, entity, in years subsequent to his self-employment. As petitioner correctly points out in the instant case, unlike Bianchi, respondent bears the burden of proof. We believe, however, that respondent sustained his burden. …