IRCPrivate Letter RulingsAug 27, 1999
…by tax-avoidance
features that have meaningless labels attached." Frank Lyon Co. v. United States
, 435
13
U.S. 561, 583-84 (1978); James v. Comm’r. , 899 F.2d 905, 908-09 (10th Cir. 1990). In
assessing the economic substance of a transaction, a key factor is whether the
transaction has any practical economic effect ot…
IRCCourt RulingsJul 11, 2024related by meaning
fits fall
under section 104 , or any other specific statutory exclusion , Mr. Tuma
instead seems only to have argue d for a general exclusion based on disability for which he provides no support in the Code and for which we
have found none .
11
We have previously held both railroad retirement
and Social Security benefi…
IRCPrivate Letter RulingsOct 21, 2016
…ev. Rul. 60-31, 1960-1 C.B. 174, as
modified by Rev. Rul. 64-279, 1964-2 C.B. 121, and Rev. Rul. 70-435, 1970-2 C.B. 100;
see also Rev. Rul. 69-650, 1969-2 C.B. 106, Rev. Rul. 69-649, 1969-2 C.B. 106; and
Rev. Rul. 71-419, 1971-2 C.B. 220.
Under the economic benefit doctrine, an employee is taxable in a year in which a…
IRCCourt RulingsFeb 18, 1998related by meaning
lure to report any portion of
the distributions. Thus, we find petitioner liable for the
negligence penalty imposed on the portion of the underpayment attributable to the $102,519 not used to purchase the stock.
In keeping with the above holdings,
Decision will be entered
under Rule 155
.
IRCPrivate Letter RulingsNov 13, 2015
…ev. Rul. 60-31, 1960-1 C.B. 174, as
modified by Rev. Rul. 64-279, 1964-2 C.B. 121, and Rev. Rul. 70-435, 1970-2 C.B. 100;
see also Rev. Rul. 69-650, 1969-2 C.B. 106, Rev. Rul. 69-649, 1969-2 C.B. 1 06; and
Rev.
Rul. 71-419, 1971-2 C.B. 220.
Under the economic benefit doctrine, an employee is taxable in a year in which …
IRCCourt RulingsOct 11, 1995related by meaning
tion that petitioners
are liable for the 10-percent additional tax imposed by section
72(t).
Section 72(t) provides for a 10-percent additional tax on early distributions from qualified retirement plans. Paragraph
(1), which imposes the tax, provides in relevant part as follows:
(1) Imposition of Additional Tax.--If an…
IRCCourt RulingsMar 7, 2019
…id or
survive an audit."
7 This number is a mystery, though it might be a mistaken reference to the
435 members of the U.S. House of Representatives.
- 8 -
[*8] • "If you have a defined benefit pension plan, you are entitled to an
annual pension when you retire. The benefits are typically based on a
formula that consid…
IRCCourt RulingsMar 23, 1987related by meaning
g,
Decisions will be entered for the petitioners.
By order of the Chief Judge, these cases were reassigned to Judge Williams for decision and opinion. All section references are to the Internal Revenue Code of 1954 as amended and in effect during the years in issue, unless otherwise indicated.
The statutory prerequisit…
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
INCOME TAX
Rev. Rul. 2006-41 Rev. Rul. 2006-41
LIFO; price indexes; department stores. The June 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with referenc…
IRCCourt RulingsAug 28, 1996related by meaning
ented are contained
in pleadings and other documents in the record, and are not
controverted.
We must consider whether respondent was entitled to mail petitioner a second notice of deficiency concerning petitioner's
1991 taxable year. If respondent was not entitled to do so, then
the August notice would not be valid as…
IRCCourt RulingsNov 21, 2023
…INDOPCO, Inc. v. Commissioner, 503 U.S. 79,
84 (1992); New Colonial Ice Co. v. Helvering , 292 U.S. 435, 440 (1934).
The taxpayer is required to maintain records that are sufficient to
enable the Commissioner to determine the correct tax liability. See
§ 6001; Treas. Reg. § 1.6001-1(a). The taxpayer must demonstrate th…
IRCCourt RulingsOct 3, 1995related by meaning
distribution qualified for tax-free
rollover treatment under section 402(a)(5); Brown v.
Commissioner
, T.C. Memo. 1995-93 (same); cf. supra
with T.C. Memo. 1993-561.
- 13 -
10
It would appear that such stipulation would also affect
the amount of the excise tax under sec. 4980A. We leave this
matter to the parties as p…
IRCCourt RulingsJun 13, 2017
… INDOPCO, Inc. v. Commissioner, 503 U.S. 79, 84 (1992); New Colonial Ice Co. v. Helvering, 292 U.S. 435,
440 (1934). Petitioners do not contend that the burden of proof should shift to
respondent under section 7491. In any event, with respect to the deficiencies only
legal issues remain, so the burden of proof is irrel…
IRCCourt RulingsDec 19, 1995related by meaning
-2503 at 95-2504, 95-1 USTC par. 50,280 (D.
Md. 1995); see also Conway v. United States
, supra
; cf. Wheeler
v. Commissioner
, T.C. Memo. 1993-561.
6 We observe that the
definition of "qualified total distribution" set forth in section
402(a)(5)(E)(i)(II) incorporates the definition of "lump sum
distribution" set fort…
IRCCourt RulingsNov 17, 2016
…1,242,977
53,150 45 948,014
165,000 62 2,363,755
71,633 45 1,277,687
54,811 45 977,641
170,000 62 2,435,384
74,170 45 1,322,938
56,472 45 1,007,267
175,000 62 2,507,012
76,352 45 1,361,876
58,133 45 1,036,893
- 13 -
In determining the permissible normal retirement benefit under the plan
IRCCourt RulingsMay 19, 1986related by meaning
4); Estate of English v. Commissioner, T.C. Memo. 1985-549, 50 T.C.M. 1362, 54 P-H Memo T.C. par. 85,549.
Decision will he entered for the respondent. While the constitutional issue was the only argument raised in the petition with respect to the dispute over inclusion of the lump-sum payment, we deal also with the two…
IRCCourt RulingsJun 1, 2011related by meaning
n; thereafter, all amounts
received would be fully includable in gross income. Id.
However, this provision was repealed by the Tax Reform Act of
- 7 - 1986, Pub. L. 99-514, sec. 1122(c) (1), (h) (1)-(7), 100 Stat.
2467, 2470.5
Petitioners should understand that the Tax Court is a court
of limited jurisdiction and that …
IRCCourt RulingsMar 20, 1997
…ransaction
is compelled or encouraged by nontax business reasons. Frank
Lyon Co. v. United States
, 435 U.S. 561, 580 (1978); James v.
Commissioner
, 87 T.C. 905, 918 (1986), affd. 899 F.2d 905 (10th
Cir. 1990). We agree with respondent, however, that the payments
of the processing fees by Dura-Craft to Northwest were …
30 T.C. 96 — Thompson-Hayward Chemical Co. v. Commissioner IRCCourt RulingsApr 23, 1958related by meaning
d was “not a consequence of a change at any time in the type, manner of operation, size, or condition of [its] business.” (Sec. 433 (b) (9) (C) (ii>.) At the outset we believe that the deduction for officers’ compensation constitutes a “class of deductions” within the meaning of section 433 (b) (9). McKay Machine Co., …
IRCCourt RulingsJul 13, 2015related by meaning
claimed medical transportation expenses and that he falls under the
exception in section 72(t)(2)(B). As discussed supra Part II.A, petitioner is not entitled to deduct his claimed medical transportation expenses under section
213(a). Therefore, he does not fall under the exception in section 72(t)(2)(B) and
he is lia…