89 FR 100138 — Taxable Income or Loss and Currency Gain or Loss With Respect to a Qualified Business Unit IRCFinal Rules (FR)Dec 11, 2024
…ognized to the extent of gain (other than section 987 gain) recognized in connection with a section 331 liquidation. As explained in part X.B.3 of this Summary of Comments and Explanation of Revisions, the loss-to-the-extent of gain rule generally does not allow suspended section 987 loss to be recognized in excess of …
IRCCourt RulingsFeb 9, 2023★ strong match
…enue Code of 1954 (26 U.S.C. sec. 951(a)(1)(A)). Procter & Gamble Co. v. Commissioner , 95 T .C. at 331. The tax years to which these
allocations related were the U.S. company’s tax years ending June 30,
1978 and 1979. Id. at 323, 330- 331.
The Spanish government had issued a series of letters over 10
years stating tha…
IRCCourt RulingsMay 20, 1976related by meaning
ugh Nov. 23,1970, and was adjusted to $81,473 in the statutory notice. Petitioner has agreed to such adjustment.
SEC. 162. TRADE OR BUSINESS EXPENSES. (a) In General. — There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or busi…
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…er Documentation:
Total
$878,139
$18,493,989
$19,250,589
$2,048
$460,359
$36,678
Per-Entity
$472
$2,331
$2,331
$29
$46,036
$1,183
Policies:
Total
$1,789,886
$7,232,234
$7,528,108
$76,028
$19,333
$59,932
Per-Entity
$961
IRCCourt RulingsOct 9, 1997related by meaning
einafter referred to
as the instant case). The instant case is before the Court on
- 3 -
1
All Code and section references are to the Internal Revenue Code in effect for the year at issue. All Rule references are to
the Tax Court Rules of Practice and Procedure.
the parties' cross-motions for partial summary judgment. …
IRCCourt RulingsJul 14, 2005related by meaning
48 F.2d 306, 310 (9th Cir.
1945), affg. a Memorandum Opinion of this Court dated Jan. 5,
1943; Standard Knitting Mills, Inc. v. Commissioner, 141 F.2d 195, 198-199 (6th Cir. 1944), affg. 47 B.T.A. 295 (1942).
Generally, new issues may not be raised in a Rule 155
computation. Harris v. Commissioner, 99 T.C. 121, 123 (19…
IRCCourt RulingsSep 30, 2003related by meaning
ance with its substance.”
Neonatology Associates, P.A. v. Commissioner
, 299 F.3d 221, 230
n.12 (3d Cir. 2002), affg. 115 T.C. 43 (2000). However, the Supreme Court “has observed repeatedly that, while a taxpayer is
free to organize his affairs as he chooses, nevertheless, once
having done so, he must accept the tax co…
IRCCourt RulingsOct 17, 1995
…Utilities 3,837.35 5,503.09 5,503.09 -0Telephone 587.75 -0- 1,342.33 (1,342.33)
Miscellaneous -0- 8,331.42 -0- 8,331.42
Meals -0- -0- 662.73 (662.73)
Depreciation 2,248.00
2,889.00
2,889.00
-0-
Total 20,603.76
37,494.61
28,331.15
9,163.46
Section 62(a)(4) allows the deduction of expenses
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 2, 2002
…alculated a
tax of $17,037 for an early distribution under section 72(t).
Petitioner claimed a $136,331 short-term capital loss from the
sale of the Atascadero property. Petitioner calculated a
$336,331 basis in the property, consisting of $170,371, the
amount owed him by Stephanie and David when he took the deed in
li…
IRCCourt RulingsMay 13, 1965
…en in the latter situation the matter is by no means free from doubt. Cf. United States v. Johnson, 331 F. 2d 943 (C.A. 5); United States v. Peebles, 331 F. 2d 955 (C.A. 5); United States v. Martin, 337 F. 2d 171 (C.A. 8).
88 FR 78134 — Income and Currency Gain or Loss With Respect to a Qualified Business Unit IRCProposed Rules (FR)Proposed Nov 14, 2023
…not recognized when the owner of a section 987 QBU liquidates in a transaction described in section 331. Proposed § 1.987-13(f). Instead, suspended section 987 loss that is not recognized in the taxable year of the liquidation is eliminated and will never be recognized. This rule is intended to prevent taxpayers from e…
IRCCourt RulingsJul 25, 1984related by meaning
cated, and all Rule references are to the Tax Court Rules of Practice and Procedure.
See Tipton & Kalmbach, Inc. v. Commissioner, T.C. Memo. 1982-260. We note, however, that Congress in enacting ERISA appears to have adopted the facts and circumstances test of sec. 1.401-6(b)(2), Income Tax Regs., for determining wheth…
IRCPrivate Letter RulingsOct 5, 2012
…not legal nicety of title, determine tax
ownership. For example, in Helvering v. Clifford, 309 U.S. 331, 60 S.Ct. 554, 84 L.Ed.
15
It is intended that these investments will at least equal the SIV of all contracts at any point in t ime but they will not match the HAB. Moreover, only
the SMV and SIV, as applicable, dete…
IRCCourt RulingsMar 5, 1987related by meaning
amended and in effect during the years in issue. Unless otherwise indicated, all Rule references are to the Tax Court Rules of Practice and Procedure. Our references to secs. 371 and 372 of the Judicial Code are to those sections as in effect during 1980 and 1981. Sec. 372 of the Judicial Code was amended twice by acts…
IRCCourt RulingsMar 5, 2018related by meaning
e relaxed transfer pricing rules of section 925(a)(1) and (2) were
used instead of the normal section 482 rules, then the lower the profit margin on a particular export transaction, the lower the effective marginal tax rate for that
transaction (because as the profit margin decreased, the amount of taxable income
assig…
IRCCourt RulingsNov 21, 2007
… the year, petitioner
caused Norwest to make distributions from his IRA in the
aggregate amount of $331,500, as follows : Date Amoun t
Jan . 4, 1999 $70,00 0
Jan . 4, 1999 20,00 0
Feb . 1, 1999 15,00 0
Apr . 26, 1999 30,000
-11May 13, 1999 30,00 0
May 31, 1999 15,00 0
July 19, 1999 20,00 0
July 19, 1999 50,00 0
Sept . …
IRCCourt RulingsJun 24, 2003related by meaning
tract unless such amounts are
specifically excluded from gross income under other provisions of
chapter 1 of the Code. The burden is on petitioners to demonstrate that the payments in question fall into a specific
statutory exclusion. See Commissioner v. Glenshaw Glass Co.
, 348
U.S. at 429-431.
Under section 72(t), a …
IRCCourt RulingsApr 2, 2024
… cannot limit the plain meaning of
the text.” See Bhd. of R.R. Trainmen v. Balt . & Ohio R.R. Co. , 331 U.S.
17
519, 528– 29 (1947); see also § 7806(b) (providing that no “descriptive
matter relating to the content of this title [shall] be given any legal
effect”). They are, however, “‘tools available for the resolutio…
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…