87 FR 80097 — Guidance on the Foreign Government Income Exemption and the Definition of Domestically Controlled Qualified Investment Entities IRCProposed Rules (FR)Proposed Dec 29, 2022
…erefore, a controlled commercial entity if it is controlled by a foreign government pursuant to § 1.892-5T(a).
( printed page 80099) A QFPF would be a controlled commercial entity for section 892 purposes if it qualified as a USRPHC within the meaning of § 1.892-5T(b)(1) and if it were controlled by a foreign governmen…
IRCCourt RulingsJan 17, 2024★ strong match
Title 26 U.S.C. (Code) , in effect at all relevant times, and Rule references are to
the Tax Court Rules of Practice and Procedure .
Served 01/17/24
2 [* 2 ] deficiencies under section 4973 in th e aggregate amount of
$8,476,705 . The notices also determined additions to tax under section
6651(a)(1) and (2) and accurac…
IRCCourt RulingsFeb 28, 2024★ strong match
… Revenue Service (IRS or respondent) that petitioner in 2004 made
an excess contribution of $25,132,892 to his individual retirement account (IRA). Section 4973(a)
1
imposes an excise tax “in an amount equal
IRCCourt RulingsAug 1, 2011
…llowing deposit and withdrawals from
his Allianz annuity:
Date Deposit Withdrawal Aug. 18, 2003 $71,892 ---
Mar. 18, 2004 --- $7,000
Nov. 15, 2005 --- 5,000
Apr. 27, 2006 --- 4,000
July 20, 2006 --- 2,500
Apr. 3, 2007 --- 10,000
Mar. 24, 2008 --- 59,231
Petitioner surrendered his Allianz annuity on March 24, 2008,
when…
89 FR 31618 — Guidance on the Definition of Domestically Controlled Qualified Investment Entities IRCFinal Rules (FR)Apr 25, 2024
… of the exemption from taxation afforded to foreign governments under section
( printed page 31619)
892 of the Internal Revenue Code (the “Code”), and the determination of whether a qualified investment entity (“QIE”) is domestically controlled under section 897(h)(4)(B) of the Code, in the
Federal Register
(87 FR 8009…
IRCCourt RulingsJun 14, 1982related by meaning
nder the Sixth and Ninth Amendments of the Constitution were not violated by our actions in the instant case.
Decision will be entered under Rule 155. By stipulation, respondent concedes that the $1,562 figure is the product of an erroneous computation in the statutory notice of deficiency and that should respondent pr…
IRCCourt RulingsAug 24, 1995related by meaning
OPINION
Tannenwald, Judge:
Respondent determined a deficiency in petitioner’s 1988 Federal income tax of $11,752 and an addition to tax of $588 under section 6653(a)(1). This case is before us on respondent’s motion for partial summary judgment under Rule 121 that collateral estoppel precludes petitioner’s claim that a…
ERISACourt RulingsJan 20, 1998
…th loan.15
Ex. C47, C49, C50 & C48. On September 15,
1989, CD No. 11813-18225 was redeemed for $770,892.12 and the
proceeds were deposited in Plan's account. Ex. C52 & C53.
2. Secondary Transactions
a. Respondent's Use of $100,000.00
On December 9, 1988, SA used $100,000.00 from
the Plan's premium transfer account to p…
IRCCourt RulingsJan 12, 1998related by meaning
ontrol of the use of the IRA
distributions. We are not persuaded by respondent's argument
that the instant situation falls within the ambit of Aronson because, by virtue of the plea agreement, his consent to the
forfeiture, and his avoidance of a fine or potentially longer
prison sentence, petitioner should be treated …
IRCCourt RulingsJan 2, 2020related by meaning
pute.5
3Respondent determined some itemized deductions should be disallowed
subject to the sec. 68 limitation and a claimed child tax credit should be disallowed under sec. 151(d).
4The sec. 6662(a) penalties for remaining years 2008, 2009, 2010, 2012,
2013, and 2014 stem solely from the disallowed NOL carried forward …
IRCCourt RulingsMay 29, 2002related by meaning
is Court.
Section 72(t) provides that:
(1) * * * If any taxpayer receives any amount from a
qualified retirement plan (as defined in section 4974(c)), the taxpayer's tax * * * shall be increased by an amount
equal to 10 percent of the portion of such amount which is
includible in gross income.
Section 72(t)(2) provides…
IRCCourt RulingsJul 26, 2007related by meaning
sioner , T .C . Memo . 2001-34 .
We recognize that petitioner received his IRA distribution
at a time when he was both a single parent and temporarily unemployed and that he used the distribution for a laudable
purpose . Unfortunately for petitioner, we are bound by the lis t
of statutory exceptions set forth in sectio…
IRCCourt RulingsApr 10, 2018related by meaning
bution out of an IRA that is then paid into another IRA owned by the same
owner within 60 days. Id. Under section 408(e)(2)(A), if an IRA engages in a prohibited transaction, the account ceases to be an IRA as of the first day of the
taxable year in which the prohibited transaction occurs.
- 4 -
[*4] Respondent's posit…
IRCCourt RulingsSep 25, 2019related by meaning
section 6651(a)(1) and (2), respectively.¹ Respondent has moved for
summary adjudication in his favor on all issues (motion), and petitioner objects. Summary judgment is appropriate "if the pleadings, answers to
interrogatories, depositions, admissions, and any other acceptable materials,
together with the affidavits …
IRCCourt RulingsDec 29, 2005related by meaning
d the $1,916 payment as
a qualified retirement contribution to an individual retirement
account (IRA). She contended in her pretrial memorandum and at trial that she properly deducted that amount as an IRA
contribution. In the opening brief, respondent argued that
section 219(g)(5) limits IRA deductions for active part…
IRCCourt RulingsAug 30, 1999related by meaning
issues 166 F.3d 1201 (2d
Cir. 1998). Respondent counters that there are no statutory exceptions to the early withdrawal tax which apply in the instant case and that the cases relied on by petitioner are distinguishable from the present case and therefore are not controlling
here.
We first address whether there are any …
IRCCourt RulingsMay 25, 2005related by meaning
ibution was not from an IRA, it would not qualify for the
exception for higher education expenses, even if it were used for
higher education expenses. Petitioners stated in their petition that the distribution
was from a section 401(k) account, a fact which petitioners have
not denied. Petitioners did not respond to th…
IRCCourt RulingsApr 19, 1989related by meaning
e as amended and in effect for the year in issue unless otherwise indicated. All Rule references are to the Tax Court Rules of Practice and Procedure. This subsection was repealed by the Tax Reform Act of 1986, effective for taxable years beginning after Dec. 31, 1986. Pub. L. 99-614, sec. 1123(d)(2), 100 Stat. 2085, 2…
84 FR 26605 — Exception for Interests Held by Foreign Pension Funds IRCProposed Rules (FR)Proposed Jun 7, 2019
…ses of determining whether the entity is a qualified controlled entity.
4. Interaction With Section 892 Comments requested clarification that an entity may constitute a qualified controlled entity whether or not the entity constitutes a controlled entity as defined in § 1.892-2T(a)(3). The Treasury Department and the I…
IRCCourt RulingsFeb 18, 1997related by meaning
l section references are
to the Internal Revenue Code in effect for 1991, the taxable year
in issue. All Rule references are to the Tax Court Rules of Practice and Procedure.
2
Sec. 4980A imposes a 15-percent excise tax on excess
distributions from qualified retirement plans. This tax is
included within ch. 43 of the I…