Case law

Pied Piper Shoe Co. v. Commissioner

28 T.C. 499 · United States Tax Court · May 28, 1957

First, the temporary and unusual character of the circumstance or event must be clearly established. … This is not a physical event such as would qualify the petitioner for relief under section 722 (b) (1).

Beck Chemical Equipment Corp. v. Commissioner

27 T.C. 840 · United States Tax Court · Feb 26, 1957

Moreover, we think these cases are clearly distinguishable on their facts from the case at bar and are not controlling here. … It is well established that the Federal income tax system is based on an annual accounting.

Ya Global Investments, LP F.K.A. Cornell Capital Partners, LP, Yorkville Advisors, GP LLC, Tax Matters Partner and Ya Global Investments, LP F.K.A. Cornell Capital Partners, LP, Yorkville Advisors, LLC, Tax Matters Partner

United States Tax Court · Nov 15, 2023

And his advice was that “they did” qualify for the safe harbor. 68 Mr. … Karst’s conclusion that the partnership qualified for the securities trading safe harbor.

OKC Corp. v. Commissioner

82 T.C. 638 · United States Tax Court · Apr 25, 1984

On October 29, 1966, the OIA advised OKC that OKC would qualify for the oil import quota. … After November 1, 1969, Phillips again began paying for Refining’s output at the prices established in the 1966 contract.

Ross Glove Co. v. Commissioner

60 T.C. 569 · United States Tax Court · Jul 23, 1973

Eoss of 4,474 shares of common stock, to Carla Eoss, 4,298 shares, and 1 qualifying share to each of five Bahamian residents. … Eoss’ newly born son, Hugh Andrew, each owned (except for qualifying shares) 50 percent of the nonvoting common stock, and Mr. Eoss (except for qualifying shares) owned all of the voting stock.

Patten Fine Papers, Inc. v. Commissioner

27 T.C. 772 · United States Tax Court · Feb 14, 1957

When Rosebush Brothers was liquidated, its legal life was brought to a close, and there was no transfer of its powers, privileges, and immunities to petitioner. … It is well established that this Court will not consider issues not raised in the petition. Camp Wolters Enterprises, Inc., 22 T. C. 737 , affd. 230 F. 2d 555 ; Earl V. Perry, 22 T. C. 968 .

Terzian v. Commissioner

72 T.C. 1164 · United States Tax Court · Sep 25, 1979

It is respondent’s position that petitioner has failed to establish that in signing the returns she did not know of and had no reason to know of such omissions and, also, has failed to establish that she did not significantly … Clearly petitioner did not significantly benefit through any lavish expenditures made for her benefit or for the benefit of her children.

Southern Pacific Transp. Co. v. Commissioner

75 T.C. 497 · United States Tax Court · Dec 31, 1980

(This last provision was qualified in 1950.) … Furthermore, the record does not clearly establish that the substantial additive for conversion of gold was warranted.

Dean v. Commissioner

35 T.C. 1083 · United States Tax Court · Mar 30, 1961

Such a gift cannot qualify for the statutory interest deduction. … It is well established that deductions are matters of legislative grace and must be clearly established.

Kadillak v. Comm'r

127 T.C. 184 · United States Tax Court · Nov 7, 2006

However, it is unnecessary to reach the facts and circumstances analysis in cases where a “condition certain to occur” has not been established. … Furthermore, shares of stock clearly constitute property, and the nonvested shares were transferred to petitioner subject to a lapse provision.

Ellis v. Commissioner

45 T.C.M. 229 · United States Tax Court · Nov 29, 1982

The evidence submitted at trial establishes that insulation costing $2,000 was installed in petitioner's home and that the insulation qualifies for the energy credit provided by section 44C. … Here, the evidence clearly establishes that one-half of the price was paid by Ms. Leach and one-half by petitioner. Accordingly, petitioner should be allowed credit at 15 percent of $1,000 or $150.

Pahl v. Commissioner

67 T.C. 286 · United States Tax Court · Nov 22, 1976

This right was not qualified by any circumstances, terms, or conditions existing at the time of the receipt of those sums. … We stated as follows (49 T.C. at 648): The bylaw clearly served a business purpose of Electric since it enabled Electric to recover the amount of the "unreasonable” salary which caused it to lose the deduction.

Acone v. Comm'r

114 T.C.M. 219 · United States Tax Court · Aug 22, 2017

We think the record clearly indicates that, while Mr. … The taxpayer in Jones returned a dividend check that the State of Alaska issued to him as a resident, fairly clearly establishing his intent (the first and most important Sochurek factor) not to be a resident of Alaska

Blair v. Commissioner

63 T.C. 214 · United States Tax Court · Nov 18, 1974

However, such home will not be considered as the principal place of abode where the child establishes a separate habitation and only returns for periodic visits. … As an agent of the State, the county collector was likewise immune from suit. Cf. Posinski v. Chicago, M. St. P. & Pac. R. Co., 376 Ill. 346 , 33 N.E. 2d 869 (1941). State property cannot be condemned.

Nestle Holdings, Inc. v. Commissioner

94 T.C. 803 · United States Tax Court · Jun 6, 1990

Under these principles, we observed that if the accrual method taxpayers had taken second-mortgage notes from the purchasers instead of the restricted accounts from the S&L, the notes clearly would have been includable in … Certainly, preferred stock does not qualify under this practical definition.

Toyota Town, Inc. v. Commissioner

79 T.C.M. 1457 · United States Tax Court · Feb 8, 2000

Rather, the Commissioner, relying upon his authority under section 446(b), administratively established in Rev. … Where the taxpayer has used a method of accounting that does not clearly reflect income, the Commissioner has considerable discretion to determine a method clearly reflecting income that the taxpayer must use.

C.B.C. Super Markets, Inc. v. Commissioner

54 T.C. 882 · United States Tax Court · Apr 28, 1970

Cicio was the person who was acting for the corporation in both proceedings, criminal and civil, and because of this the corporation has clearly had its “day in court” on the fraud issue. … But if respondent had proved fraud by offering the same evidence which was used at the criminal trial, the corporation could not expect immunity because of the innocence of its minority shareholders. Bender v.

Clinton Deckard v. Commissioner

155 T.C. No. 8 · United States Tax Court · Sep 17, 2020

The prohibition on the distribution of profits is clearly embodied in the Act, which governs the formation, operation, and dissolution of nonstock, nonprofit corporations in Kentucky.7 A corporation subject to the provisions … - 20 - its dissolution, its assets shall be distributed for exempt purposes within the meaning of section 501(c)(3) or shall be distributed to an entity established for public

Molbreak v. Commissioner

61 T.C. 382 · United States Tax Court · Dec 26, 1973

The rule as to the merger of lesser estates with greater estates is well established. … Clearly, petitioners did not make an exchange either on May 15, or May 19,1967. The exercise of the option did much more than make a mere change in the form of ownership; it was a change in the quantum of ownership.

GREEN v. COMMISSIONER

3 T.C. 74 · United States Tax Court · Jan 19, 1944

Lawrence Green was duly appointed, qualified, and acted as executor. A Federal estate tax return was duly prepared and filed for the estate, and the tax shown to be due thereon was duly paid. The estate of L. K. … Quite clearly the expenses here in question were not paid or incurred in connection with the carrying on of a trade or business.