IRCCourt RulingsAug 25, 1997
996. On February 20,
1996, petitioners filed a notice of appeal. Petitioners did not,
however, file a bond to stay assessment and collection. See sec. 7485(a). Accordingly, on May 21, 1996, respondent assessed the
deficiencies in income and excise taxes as redetermined in our
Decision.
10
Subsequently, petitioners made…
IRCCourt RulingsMar 31, 1997related by meaning
ble. Zmuda v. Commissioner
, 79
T.C. 714, 727 (1982), affd. 731 F.2d 1417 (9th Cir. 1984).
In this instance, petitioner readily admits that A Atlantic is presently holding his property, and that there is a
- 9 -
7
For the purposes of sec. 72(t), the term "employee" also
refers to participants in individual retirement a…
IRCCourt RulingsOct 17, 1995
…0 1
Miscellaneous 748.23 9,821.24 6,931.24 890
Depreciation 2,248.00
2,889.00
2,889.00
-0-
Total 18,996.74
38,379.17
35,571.73
807
The Charleston Property: 1990
Per Original Per Amended Allowed by Still in
Item
Return
Return
Respondent
Dispute
Advertising -0- $51.54 $26.84 $24.70
Auto expense $2,507.67 5,503.09 2,690.6…
IRCCourt RulingsJan 2, 2020related by meaning
relevant times, and all Rule references are to
the Tax Court Rules of Practice and Procedure. All monetary amounts are
rounded to the nearest dollar. 2Petitioners conceded that they were not entitled to exclude from gross
income rental income of $4,920 they received in 2007.
- 3 -
[*3] to deduct a net operating loss (…
IRCCourt RulingsNov 28, 2001
…ction of this Court is limited as specifically
authorized by statute. See Belloff v. Commissioner
, 996 F.2d
- 6 -
607, 611 (2d Cir. 1993), affg. T.C. Memo. 1991-350; Pen Coal
Corp. v. Commissioner
, 107 T.C. 249, 254 (1996). That
authorization encompasses the redetermination of deficiencies.
See secs. 6214, 7442; Breg…
IRCCourt RulingsJul 30, 1985related by meaning
the instant case, as the excess of the amount contributed to the IRA for the taxable year over the amount allowable as a deduction under section 219. Since petitioner is not entitled to a deduction under section 219 for his contribution for $1,500 to an IRA in 1981, the entire $1,500 represents an excess contribution …
IRCCourt RulingsFeb 4, 1998related by meaning
ng warned by the Court
and after having received notice from the Court in a prior case.
6
On the basis of the record, we conclude that the proceedings herein were instituted primarily for delay and that petitioner's
position is both frivolous and groundless. Accordingly, we
exercise our discretion and award a penalty t…
IRCCourt RulingsFeb 29, 2012related by meaning
statutory notice of deficiency was issued more than 6 years after
petitioner filed its Form 5530. The statute of,limitations is an affirmative defense that must be specifically pleaded; Petitioner did not raise the statute of;limitations
as an affirmative defense in its pleadings for the taxable year at issue.
Accordin…
IRCCourt RulingsJan 10, 2012
… (b) (5) (A) and (B) , (g) (2) (A) , (3) (B) (i) , (8) ; Rev. Proc . 200653, sec. 3.21, 2006-2 C.B. 996, 1002; see also Ho v.
Commissioner, T.C. Memo. 2005-133. Each petitioner was an active
participant in a retirement plan, was married, and filed a joint
i
Federal income. tax return for 2007. The modified adjusted gro…
136 T.C. No. 6 — Michael P. Schwab & Kathryn J. Kleinman v. Commissioner IRCCourt RulingsFeb 7, 2011
…x
liability. See sec. 1.451-1(a), Income Tax Regs.; see also'United States v. George, 420 F.3d 991, 996 (9th Cir. 2005). There's
no actual receipt here, and no constructive receipt because no
income was credited and made available to them without restriction: In the words of the regulation, Schwab and Kleinman could
"(…
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 RulingsJul 30, 2012
…56, wage
income of $149,217, a retirement distribution of $434,964, and a 10% additional
tax of $31,996.
- 6 -
OPINION
Amounts distributed from an IRA are includible in gross income unless an
exception applies. Sec. 408(d)(1). Petitioner readily acknowledges distributions
totaling $434,964 but contends that the $120,00…
IRCCourt RulingsMar 24, 1993related by meaning
the allocation of forfeitures among remaining participants resulted in prohibited discrimination in favor of highly compensated employees.
Discussion Before turning to the merits of the parties’ contentions, we note preliminarily that respondent bears the burden of proof herein because respondent failed to issue a fin…
161 T.C. No. 6 — Estate of James E. Caan, Deceased, Jacaan Administrative Trust, Scott Caan, Trustee, Special
Administrator v. Commissioner IRCCourt RulingsNov 14, 2023
…er, 148 T.C. at 346 – 47 (footnote omitted) (citing Estate of Gardner
v. Commissioner, 82 T.C. 989, 996 (1984)). We therefore concluded that
our jurisdiction to redetermine deficiencies under section 6213(a)
includes jurisdiction to review any discretionary agency actions that
would affect the deficiency amount. Trimme…
IRCCourt RulingsFeb 6, 2024related by meaning
e funds ) .
14
[* 14] Moreover, we disagree with petitioner that Larotonda was
abrogated by the repeal of section 72(m)(4). Former section 72(m)(4)(A) was replaced by section 72(p) (1)(B), which is substantially similar to
section 72(m)(4)(A).
7
In addition, this Court has continued to cite
Larotonda as binding precede…
T.C. Memo. 2011-253 — George R. Ward, Petitioner and Victoria J. Ward, Intervenor v. Commissioner IRCCourt RulingsOct 31, 2011
…. 15,
2006, or was extended.
the Wards' joint tax liability for 2003 and refunded the
remaining $4,.996.39 to Victoria J. Ward.
In September 2006, divorce proceedings were initiated. On
May 29, 2007, George R. Ward and Victoria J. Ward were divorced.
In 2007, George R. Ward and Victoria J. Ward received a
deficiency no…
IRCCourt RulingsOct 3, 1995related by meaning
rovide the written
explanation required by section 402(f) is somehow attributable to
respondent and requires respondent to assume the burden of proof. The short answer to this contention is that we have decided the
issue in dispute without regard to the burden of proof. In any
event, section 402(f) imposes a duty on pl…
T.C. Memo. 2022-4 — Estate of Anthony K. Washington, Deceased, Lenda Washington, Personal Representative v. Commissioner IRCCourt RulingsFeb 2, 2022
…from a Fidelity account of $7,722. Appeals
Officer Duff then reduced the sum of those amounts ($223,996) by “allowed debits and
checks” of $11,729. These allowed debits and checks included, among other things,
approximately $9,000 in ATM cash withdrawals after Mr. Washington’s death, $1,000
in checks drawn on the Estat…
IRCCourt RulingsNov 10, 1998related by meaning
tstanding rollover involved in
this case. Accordingly, the amount of excludable basis in the
instant case is computed by multiplying the amount of the distribution $6,100 by a fraction the numerator of which is
$1,950 and the denominator of which is $1,374.53 plus $6,100,
resulting in an amount excludable of $1,591.40.…
IRCCourt RulingsSep 27, 2004
…granted her request, but she
did not accept their accommodation.
In 2000, petitioner received a $46,996 Individual Retirement
Account (IRA) distribution. Petitioner reported the distribution
on her 2000 Federal income tax return and paid income tax
relating to the gross amount but did not pay the 10-percent
additional …