IRCCourt RulingsJul 14, 2005★ strong match
…axable years at issue;
(2) the Court's decision failed to reduce the amounts subject to
the section 274(n)(1) limitation pursuant to section 274(e)(3)
(petitioner's section 274(e)(3) argument); and (3) the Court's
decision did not reduce the respective deficiencies in
IRCCourt RulingsOct 3, 1989★ strong match
…ricted persons.” Petitioner claimed employee recreational expense deductions under sections 162 and 274(e)(5) (now section 274(e)(4) for amounts paid for the charters during the taxable years 1980 and 1981 in the respective amounts of $8,000 and $41,000. These deductions were disallowed by the Commissioner. The sole is…
IRCCourt RulingsDec 20, 2001
…acts and circumstances) and sufficient information as to each element of
every business use. Sec. 1.274-5T(c)(2)(i) and (ii), Temporary
Income Tax Regs., 50 Fed. Reg. 46017 (Nov. 6, 1985).
As pertinent here, section 1.274-5T(c)(3)(ii), Temporary
Income Tax Regs., 50 Fed. Reg. 46021 (Nov. 6, 1985), entitled
“Sampling”, …
IRCCourt RulingsDec 2, 2010★ strong match
…t specific
substantiation requirements to be allowed a deduction under
section 162. See, e.g., sec. 274(d). The heightened substantiation requirements of section 274(d) apply to: (1) Any
traveling expense, including meals and lodging away from home;
(2) any item with respect to an activity in thes nature of
entertainme…
IRCCourt RulingsMay 19, 2011
…. (Vol. 1) 521, 583; S. Repti 951263, at 174-175 (1978), 1978-3 C.B. (Vol. 1) 315, 472-473.
Section 274(d) requires the taxpayer to substantiate by adequate records or by sufficient evidence corroborating the
- 56 -
taxpayer's own statement any item with respect to an activity
which is of a type generally considered to…
IRCCourt RulingsMar 11, 2020★ strong match
Sec. 1.274-5T(b)(6), (c)(1), Temporary Income Tax Regs., 50 Fed. Reg.
- 11 -
46016-46017 (Nov. 6, 1985). Section 1.274-5T(c)(2), Temporary Income Tax Regs., 50 Fed. Reg. 46017-46018 (Nov. 6, 1985), provides in relevant part that
"adequate records" generally consist of an account book, a diary, a log, a
statement of ex…
IRCCourt RulingsJan 17, 2024related by meaning
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…
U.S. Tax Court — Marlon G. Dasent & Kendra Walcott-Dasent v. Commissioner IRCCourt RulingsDec 13, 2018
…ver, is superseded--that is, estimates are not
permitted--for certain expenses specified in section 274; to wit, traveling expenses
(including meals and lodging while away from home), entertainment expenses,
gifts, and "listed property" (including passenger vehicle) expenses.8 Secs. 274(d),
280F(d)(4)(A)(i); sec. 1.274…
T.D. 9075 — Final regulations under section 457 of the Code provide guidance on eligible section 457 deferred compensation plans of state and local governmental employers … IRCTreasury DecisionsSep 29, 2003related by meaning
402(e)(1)(A) shall apply to the distribution or payment.
(2) Examples. The provisions of this paragraph (c) are illustrated by the following examples: Example 1. (i) Facts. Participant C and C’s spouse D are divorcing. C is employed by State S and is a participant in an eligible plan maintained by State S. C has an acc…
IRCCourt RulingsFeb 22, 1989related by meaning
n from sec. 457 altogether.
We note the irony that, on answering brief in another issue in the instant case, petitioners make the following statement: It is improper to resort to legislative history where the statute is clear. U.S. v. Prudential Ins. Co. of America, 461 F.2d 280 (5th Cir. 1972); U.S. v. Marett, 325 F.2…
IRCCourt RulingsApr 26, 2012
…f such expenditure, (2) time and place of the
travel, and (3) business purpose of the expense. Sec. 274(d); sec. 1.274-5T(a) and
(b), Temporary Income Tax Regs., 50 Fed. Reg. 46014 (Nov. 6, 1985).
To satisfy the adequate records requirement of section 274(d), the taxpayer
shall maintain an account book, a diary, a log,…
66 T.C. 348 — Comprehensive Designers International, Ltd. v. Commissioner IRCCourt RulingsMay 26, 1976related by meaning
poses of this case, that the credit which petitioner will obtain is precisely equal to the amount of the creditable foreign taxes in terms of dollars. For the reasons stated, we hold that the foreign tax credit available to petitioner for fiscal 1967 should be adjusted to reflect the dollar cost on the payment date of …
IRCCourt RulingsAug 6, 1991related by meaning
f the matter is that the payment in question should be taxable to petitioner under section 72(e). Accordingly, we sustain respondent’s determination.6 In order to take into account what appear to be mechanical errors in respondent’s calculations and to afford the parties a further opportunity to resolve the question of…
IRCCourt RulingsJul 6, 2022related by meaning
s
are to the Tax Court Rules of Practice and Procedure.
Served 07/06/22
2
[* 2 ] under section 4973, plus associated additions to tax and penalties.
2 Currently before the Court is petitioner’s Motion for Summary Jud gment under Rule 121. Petitioner contends that the IRS “is precluded as
a matter of law from asserting …
T.D. 9932 — Section 162(m)(1) of the Internal Revenue Code generally limits to $1,000,000 the allowable deduction for a taxable year for applicable employee remuneration p… IRCTreasury DecisionsJan 19, 2021
…(Also Part I, §163(j).)
T.D. 9939, page 376.
These final regulations provide guidance under section 274 of the Internal Revenue Code (Code) regarding certain amendments made to section 274 by the Tax Cuts and Jobs Act of 2017 (TCJA). These final regulations address the elimination of the deduction under section 274 for…
IRCCourt RulingsSep 2, 2021
…he business
relationship of the taxpayer to the persons entertained or using the property. See
sec. 274(d). With respect to the use of listed property, the taxpayer m ust establish
the am ount of business use and the am ount of total use. Sec. 1.274-5T(b)(6)(i),
Tem porary Incom e Tax Regs., 50 Fed. Reg. 46016 (Nov. 6,…
IRCCourt RulingsJan 9, 1985related by meaning
t that previously was not subject to the penalty. Samuels v. McCurdy, 267 U.S. 188 (1925); Chicago & Alton Railroad v. Tranbarger, 238 U.S. 67 (1915). We note that petitioner can avoid payment of the section 4975(b) tax by correcting the prohibited loans before our decision herein becomes final. Secs. 4961 and 4962.
To…
IRCCourt RulingsApr 16, 2020
…axpayer whose inexactitude is of
his own making. See Cohan v. Commissioner, 39 F.2d at 544.
Section 274(d) imposes strict substantiation requirements for travel,
entertainment, gift, and listed property (including passenger automobiles)
expenses. Sanford v. Commissioner, 50 T.C. 823, 827 (1968), aff'd per curiam,
412 F…
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…
PBGCRegulationsJan 1, 2017related by meaning
[Reserved]