IRCCourt RulingsMar 14, 2019
…ee sec.
6212(b)(1).
The notice determined a deficiency of $43,332 and additions to tax totaling
$14,868 under sections 6651 and 6654. The IRS determined that petitioner had
received during 2012, but had failed to report, wages of $55,819 from the State of
California, taxable retirement plan distributions of $91,533 fro…
IRCCourt RulingsJul 13, 2015
…and truck 23,000
Add'l car and truck 16,300
Depreciation 2,850
Add'l depreciation 2,850
Insurance 4,868
Legal and
professional
services 6,500
Office 1,020
Rent of vehicles,
machinery,
equipment 275
Rent of other
business property 1,128
Repairs and
maintenance 2,208
Supplies 3,900
Travel 12,634
- 7 -
[*7] Deductible mea…
IRCCourt RulingsFeb 24, 2014related by meaning
articipants' accounts.
Discussion
In this declaratory judgment proceeding we review respondent's
determination that the plan was not qualified.
- 10 - [*10] Section 7476(a) authorizes this Court to make a declaration with respect to
the initial or continuing qualification of certain retirement plans when the
limitation…
IRCCourt RulingsMar 28, 2016
… 2005 14,604 94,319 9,432 79,715
Machaceks 2006 32,138 159,388 15,939 127,250
Jones 2006 19,377 108,868 10,887 89,491
- 46 -
[*46] The understatement amounts here are attributable to the issues covered in
this opinion. Accordingly, respondent has met his burden of production under
section 7491(c), and petitioners' unde…
IRCCourt RulingsJul 8, 1980related by meaning
minations should also be within our jurisdiction. Regardless of the logic of petitioners’ position, we are constrained to deny their motion to vacate. The United States Tax Court has limited jurisdiction. See sec. 7442. Under this jurisdictional umbrella fall generally income, estate, gift, and miscellaneous excise tax…
IRCCourt RulingsMar 11, 2020related by meaning
little more than guesswork and failed to satisfy the strict substantiation
requirements for vehicle expenses prescribed in section 274(d) and related regulations. As noted above the Court may not use the rule established in Cohan
v. Commissioner, 39 F.2d at 543-544, to estimate expenses covered by section
274(d). Cons…
T.C. Memo. 2024-24 — James Elbert Aldridge, Jr. & Shirley Lorraine Aldridge v. Commissioner IRCCourt RulingsFeb 21, 2024
…taxable source
or deductible expense of which it has knowledge. DiLeo v. Commissioner,
96 T.C. 858, 868 (1991), aff’d , 959 F.2d 16 (2d Cir. 1992).
With the exception of Alliance Financial Trust, which filed a
return for 2000, none of the trusts in the Aldridge Family Trust System
filed tax returns for any of the years…
IRCCourt RulingsMar 16, 2006
…ent agency
of the United States charged with the administration of the
Railroad Retirement Act, ch. 868, 48 Stat. 1287 (1934), and the
Railroad Unemployment Insurance Act, ch. 680, 52 Stat. 1094
(1938).
Respondent determined a $2,498 deficiency in petitioners’
2001 Federal income tax. The issues are (1) whether $14,970…
IRCCourt RulingsOct 10, 1979related by meaning
es, an unreported case (N.D. Ala. 1956, 52 AFTR 1222, 57-1 USTC par. 9377), affd. 251 F.2d 436 (5th Cir. 1958). Compare Edgar v. Commissioner, 56 T.C. 717, 759 (1971), where the taxpayers were denied the benefit of certain partnership losses allocable to corpus, because they were found to be the grantor-owners only to …
IRCCourt RulingsFeb 22, 1999
…o Tax
Year
Sec. 4975(a)
Sec. 4975(b)
Sec. 6651(a)(1)
1992 $2,967 -- $742
1993 6,245 -- 1,561
1994 9,868 -- 2,467
1995 13,871 -- 3,468
1996 18,294 -- --
1997
1
-- $414,769 --
1
For the taxable period ending June 30, 1997.
- 3 -
Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect…
IRCCourt RulingsMar 31, 2015related by meaning
Commissioner, 134 T.C. 280, 294-296 (2010) (discussing the
IRM provision that addresses the Commissioner's ability to levy upon retirement
accounts). Petitioners wrote "[c]ollection will cause a hardship" on their section 6330
hearing request and provided documents supporting this claim. Settlement Officer
Degiovanni …
IRCCourt RulingsJul 6, 2022related by meaning
husband only. The notices of deficiency also determined accuracy-re lated penalties under section 6662, but respondent has conceded the
penalties .
3 [* 3 ] After a corporate reorganization in 2004, TEOHC informed petitioner that it wished to buy out his interests. Following lengthy negotiations , TEOHC a greed to pay…
IRCCourt RulingsJul 25, 2005related by meaning
settlement
agreement is not a qualified domestic order, and Mr. Ahmad is not
an alternate payee, the exception in section 72(t)(2)(C) is
inapplicable. In light of the foregoing, the Court holds that petitioners
are liable for the 10-percent additional tax imposed under
section 72(t).
Reviewed and adopted as the report …
IRCCourt RulingsNov 30, 2006related by meaning
1
Unless otherwise indicated, all subsequent section
references are to the Internal Revenue Code in effect for 2002,
the taxable year in issue.
T.C. Summary Opinion 2006-184
UNITED STATES TAX COURT
WILLIAM EDWARD AND PATRICIA MARIE COLOMBELL, Petitioners v
.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 23979…
IRCCourt RulingsMay 1, 1996related by meaning
n annuity payment.
Discussion
Respondent determined that, based on the exclusion ratio
calculated pursuant to section 72(b), petitioners were required to include a portion of the lump-sum payment from petitioner’s
CSRS in their gross income in 1987. Petitioners argue that such
inclusion would result in double taxation …
IRCCourt RulingsAug 10, 2015
…t "should
undertake a basic investigation of the factors that would affect profit"), aff'd, 68
F.3d 868 (5th Cir. 1995). Given the timeframe in which petitioner sought expert
advice, the Court finds this factor weighs against petitioner's having a profit
motive in 2008.
3. Time and Effort Expended
Extensive time and ef…
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)…
IRCCourt RulingsApr 26, 2005
…come Tax
Regs. See T.D. 8768, 1998-1 C.B. 1027; see also Armco, Inc. v.
Commissioner, 87 T. C. 865, 868 (1986) .("A preamble will
frequently express the intended effect of some part of a
regulation. As a statement of intent that represents an
institutional viewpoint, such a document might be helpful in
interpreting an …
IRCCourt RulingsJun 14, 1993related by meaning
e taxpayer in Darby was the distributee of the entire distribution and therefore not entitled to exclude any part of the distribution from his income. Here we have held that there was no QDRO directing payment from the plan to Barbara. We conclude that, in accordance with section 402(e)(4)(G) and with Ablamis and Darby…
IRCCourt RulingsMay 19, 2011
…eytag v. Commissioner, 89 T.C. 849, 888 (1987), affd. 904 F.2d
1011 (5th Cir. 1990), affd. 501 U.S. 868 (1991). Whether
reasonable cause exists when a taxpayer has relied on a tax
professional to prepare a return must be determined on the basis
of all of the facts and circumstances. See Neonatology
Associates, P.A. v. …