IRCCourt RulingsJun 7, 1984related by meaning
eived. An exception is provided in § 402(a)(2) for capital gains treatment in specific cases. * * * The exception was always strictly construed. * * * Further expansion of the favored treatment specifically provided in § 402(a)(2) as an exercise of legislative grace is a function for the Congress, not for the Courts. S…
IRCCourt RulingsOct 16, 2017related by meaning
T.C. Memo. 2017-201
PA
UNITED STATES TAX COURT
JOSEPH E. BORMET, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 6863-16. Filed October 16, 2017.
Bradley S. McCann, for petitioner.
Angela B. Reynolds and Briseyda Villalpando, for respondent.
MEMORANDUM OPINION
GOEKE, Judge: Respondent determined a…
IRCCourt RulingsDec 5, 2007
…ed paid-up insurance
retroactively effective to December 28, 1997, with a face value
- 41 -
of $264,809 . MetLife stated in part that it was making this
change because neither Dr . DeAngelis nor the STEP plan trustee
had received timely notice of either the lapse of the policy or
multidistrict litigation involving MetL…
IRCCourt RulingsJul 30, 1985related by meaning
Eanes as petitioner.
In his answer, filed May 2,1985, respondent claimed an increased deficiency of $90 in excise tax pursuant to secs. 4973 and 6214. Sec. 219 has been amended to allow persons covered by qualified plans to take deductions for contributions to IRA’s in taxable years beginning after Dec. 31, 1981. See s…
IRCCourt RulingsNov 12, 1997
…and in petitioner's distributive share in
1990 or in prior years. H olman v. Commissioner
, 66 T.C. 809, 816817 (1976), affd. 5 64 F.2d 283 (9th Cir. 1977). But as a cash
basis taxpayer, H eidelberg & Woodliff's accounts receivable and
work in progress are not reflected in the partnership's income (nor
- 12-12
3
Petiti…
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 RulingsAug 12, 1980related by meaning
.
Unless indicated otherwise, all section references are to sections of the Internal Revenue Code of 1954 as in effect for the taxable years in issue. SEC. 4973. TAX ON EXCESS CONTRIBUTIONS TO INDIVIDUAL RETIREMENT ACCOUNTS, CERTAIN SECTION 403(b) CONTRACTS, CERTAIN INDIVIDUAL RETIREMENT ANNUITIES, AND CERTAIN RETIREME…
IRCCourt RulingsMay 23, 1979related by meaning
rden of proof on the unreasonable compensation issue since he raised it in his amended answer. Rule 142(a), Tax Court Rules of Practice and Procedure. Turning to the merits, we note that respondent argues that the case of Bianchi v. Commissioner, 66 T.C. 324 (1976), affd. per curiam 553 F.2d 93 (2d Cir. 1977), is direc…
IRCCourt RulingsNov 26, 1985related by meaning
idual retirement annuities, such as section 408(d), can have no application with respect to petitioner’s annuity contract on or after January 1, 1980. Thus, we hold that under section 408(e)(3), petitioner’s borrowing against the annuity contract with John Hancock during 1980 caused the contract to cease being an indiv…
IRCCourt RulingsJul 14, 2005related by meaning
did not consider the
precedential effect of Beech Trucking Co. v. Commissioner, 118
T.C. 428 (2002) (Beech Trucking Co.), and (b) the factors used in determining whether a person is an employer or an employee24 that
the Court applied in Transport Labor I were inconsistent with the
common-law employment factors applied…
IRCCourt RulingsMay 27, 2004related by meaning
is liable for the
second-tier excise tax under section 4975(b). We note, however,
- 19 -
that sections 4961(a) and 4963(e)(1) generally allow for the abatement of a second-tier excise tax if the prohibited
transaction giving rise thereto is corrected within 90 days after
our decision sustaining the tax becomes final. …
145 T.C. No. 1 — John A. Tomassetti & Cathy C. Tomassetti v. Commissioner IRCCourt RulingsJul 13, 2015
…tax that
they would otherwise pay absent the use of the shelters. See Helvering v.
Gregory, 69 F.2d 809, 810 (2d Cir. 1934), aff'd, 293 U.S. 465 (1935).
Promoters of tax shelters obviously know that taxpayers generally desire to
pay less Federal income tax rather than more, and such promoters regularly devise
novel (an…
IRCCourt RulingsJul 15, 1997related by meaning
ntentional disregard of rules and
regulations." Additionally, they make no argument on brief
concerning the additions to tax pursuant to section 6653. Accordingly, we consider petitioners and the corporation to have
conceded the additions to tax pursuant to section 6653.
Petitioners and the corporation argue that, to t…
IRCCourt RulingsMay 23, 2005
…74(c)(4) and
(5); see also Taxpayer Relief Act of 1997, Pub. L. 105-34, sec.
203(a), 111 Stat. 788, 809; H. Rept. 105-148 at 288-289 (1997),
1997-4 C.B. (Vol. 1) 319, 610-611. Because the deemed
distribution in this case came from Mr. White’s 401(k) account,
which is not an IRA plan, the exception set forth in sec.
72(…
IRCCourt RulingsAug 8, 1996related by meaning
to the Internal Revenue
Code by section 302 of the Taxpayer Bill of Rights 2, Pub. L.
104-168, authorizes this Court to review the Secretary's failure to abate interest with respect to requests for abatement after
July 30, 1996. Because this case does not involve a request for
abatement after July 30, 1996, we lack jur…
IRCCourt RulingsJan 19, 2010
… pay healt h
taxpayer during certainperiods of
(D) ,
e Taxpayer Relief Act of 1997 ; Pub . L .
Stat 809, 829, Congress enacted two
ercent additional tax : Prematur e
educatio-i expenses,,sec . 72(t) (2) (E) ,
premature distributions for first-
(2) (F) These two exceptions ar e
stribution comes from an individual
low . …
IRCCourt RulingsJul 5, 2005
…2)(E), added to the Code
by the Taxpayer Relief Act of 1997, Pub. L. 105-34, sec. 203(a),
111 Stat. 809, provides:
(E) Distributions from individual retirement
plans for higher education expenses.--Distributions to
an individual from an individual retirement plan to the
extent such distributions do not exceed the quali…
T.D. 9275 — Final regulations under section 410 of the Code implement a statutory directive of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) to am… IRCTreasury DecisionsAug 28, 2006related by meaning
n the information elicited on those line items, as well as the rest of the form, in their books and records.
Announcement 2006-56 Announcement 2006-56 This document contains corrections to temporary regulations (T.D. 9262, 2006-24 I.R.B. 1040) concerning the application of section 199 of the Code, which provides a dedu…
IRCCourt RulingsSep 26, 2001related by meaning
effect, rewrite
the statute to achieve what seems to be a more equitable result.
See Eanes v. Commissioner
, supra
at 171. “Whether and to what
- 6 - extent deductions shall be allowed depends upon legislative
grace; and only as there is clear provision therefor can any
particular deduction be allowed.” New Colonial Ic…
IRCCourt RulingsSep 13, 2004
… employee business expense, claiming a total
deduction of $13,000, less the 2-percent AGI floor of $809.36, or
$12,190.64. Respondent disallowed petitioner's claimed deduction
for mileage expenses because petitioner did not establish that
the expenses were related to his employment.
3. Petitioner's Retirement Plan With…