IRCPrivate Letter RulingsFeb 7, 2025
the right at the
time of the transfer, whichever is greater.
Section 1.691(a) - 4(b) provides that if the estate of a decedent or any person transmits the right to IRD to another who would be required by § 691(a)(1) to include such income
PLR - 109140-24
5
when received in his gross income, only the transferee will inc…
IRCPrivate Letter RulingsAug 21, 2020
… or for a previous taxable year under the method of accounting employed by the dece dent. Section 1.691(a) - 1(c) provides
that the term “income in respect of decedent” also includes the amount of all items of
gross income in respect of a prior decedent, if (1) the right to receive such amount was
acquired by the deced…
125 T.C. No. 11 — Estate of Doris F. Kahn, Deceased; LaSalle Bank, N.A., Trustee & Executor v. Commissioner IRCCourt RulingsNov 17, 2005
… against the beneficiaries of the accounts when the
accounts are distributed. See secs. 408(d) (1), 691(a) (1) (B). To
compensate (at least partially) for this potential double
taxation, Congress enacted section 691(c), which grants the
recipient of an item of IRD an income tax deduction equal to the
amount of Federal …
IRCPrivate Letter RulingsMar 1, 2019
…or the fair market value of the right at the
time of the transfer, whichever is g reater. Section 1.691(a) - 4(b) provides that if the estate of a decedent or any person transmits
the right to IRD to another who would be required by section 691(a)(1) to include such
income when received in his gross income, only the tr…
IRCPrivate Letter RulingsJul 25, 2014
…me for the taxable year ending with the date of
his death or for a previous taxable year. Section 1.691 (a)-4(a) of the Regulations provides that in general, the transferor must
include
in his gross income for the taxable period in which the transfer occurs the
amount
of the consideration, if any, received for the righ…
IRCPrivate Letter RulingsJan 30, 2009
…tallment obligation at other than face value, which is likewise
considered a transfer under section 691(a)(2), see section 1 .691(a) - 5.
Section 1.691(a) - 4(b) provides that if the estate of a decedent or any person transmits
the right to income in respect of a decedent to another who would be required by
section 691…
IRCRegulationsJan 19, 2017
…te of the individual to whom the option was granted. Such deduction shall be computed under section 691(c) by treating the option as an item of gross income in respect of a decedent under section 691 and by treating the amount required to be included in gross income under section 423(c) as an amount included in gross i…
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…
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 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 RulingsMay 14, 2012
…Docket No. 3143-10. Filed May 14, 2012.
R determined that for 2007 P failed to report income of
$11,691 from the Los Angeles County Employees Retirement
Association received on account of a divorce agreement, treated like a
qualified domestic relations order, awarding her a portion of her
former husband's disability pa…
IRCCourt RulingsJun 18, 1999related by meaning
1402(a). We therefore simply sustain
respondent's determination as respondent did not assert an
increased deficiency in this regard. See sec. 6214(a). used for retirement purposes, a 10 percent penalty is generally
imposed on IRA distributions made before the taxpayer reaches age
59-1/2. See sec. 72(t). In that regard,…
IRCCourt RulingsMar 29, 2006
…xtent such amounts are allocable to the
investment in the contract. Sec. 72(e)(2)(B).
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Section 691 concerns the taxation of income in respect of a
decedent (IRD). Section 691(a) provides in part:
(1) General rule.--The amount of all items of
gross income in respect of a decedent which are not
properly includible i…
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 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 RulingsMay 22, 2008related by meaning
Internal Revenue Code .
Accordingly, petitioner is liable for the section 6662 penalty .
In 2002, petitioner received distributions from a retiremen t plan . Pursuant to section 72(t), a 10H-percent additional tax is
i
6 -
imposed upon such distributions unless the distributions meet the
requirements of one of the exce…
IRCCourt RulingsSep 24, 2007related by meaning
)(2) addition to tax . The sec .
6651(a)(2) addition to tax was listed only in the Form 4549,
Income Tax Examination Changes, which was included as an attachment to the notice of deficiency . Suffice it to note that
respondent raised the sec . 6651(a)(2) addition to tax in his
answer, albeit while misciting that sectio…
IRCCourt RulingsJan 2, 2020related by meaning
n 72(t) imposes an additional 10% tax on early distributions from a
qualified retirement plan, including an IRA, made to a taxpayer before she attains the age of 59½. See secs. 72(t)(1), (2)(A)(i), 4974(c)(4). Mrs. Gebman had not
attained the age of 59½ when she received the distributions at issue. The IRA
distribution…
IRCCourt RulingsAug 24, 1981related by meaning
in 1976 within the meaning of the statutory limitation and, hence, is not entitled to a deduction under section 219 for the payment to an IRA in 1976. Section 4973 imposes an excise tax of 6 percent on "excess contributions” made to án IRA during the taxable year. Since petitioner is not entitled to a deduction under s…
IRCCourt RulingsMay 8, 2017
…he estate under section 2053). Therefore, petitioners are not
entitled to a deduction under section 691(b) as the funeral and estate
administration expenses are nondeductible personal or family expenses. See sec.
262.
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[*14] Section 691(c) allows a recipient of income in respect of a decedent an
income tax deduct…