Case law

North American Service Co. v. Commissioner

33 T.C. 677 · United States Tax Court · Jan 18, 1960

Under these circumstances, section 24(c) clearly prohibits the deduction of the interest in 1951 as determined by the respondent. … Eegulations 118, section 39.24(c)-l contains the following example, clearly applicable here: Exam-pie.

Amorient, Inc. v. Commissioner

103 T.C. 161 · United States Tax Court · Aug 9, 1994

tax liability of any affiliated group of corporations making a consolidated return and of each corporation in the group, both during and after the period of affiliation, may be * * * determined, * * * in such manner as clearly … Petitioner would have us disregard this long established principle by allowing it to carry back the part of its consolidated net operating loss attributable to APD to a prior consolidated return year during which apd was

Estate of Young v. Commissioner

110 T.C. 297 · United States Tax Court · May 11, 1998

Notwithstanding section 2040(a), section 2040(b) provides that in the case of any qualified joint interest, the value included in the gross estate is one-half of the value of the qualified joint interest. … It provides that the value included in the gross estate is “one-half of the value of such qualified joint interest.”

Fort Howard Corp. v. Commissioner

103 T.C. 345 · United States Tax Court · Aug 24, 1994

established that the payment does not represent consideration for the stock or expenses related to its acquisition * * *. … Despite this, the statute clearly requires such treatment in contravention of petitioner’s theory.

Adams Challenge (UK) Limited

United States Tax Court · Jan 21, 2021

Third, the 1990 regulations clarified that the existence of a bilateral income tax treaty did not immunize a foreign corporation from meeting the filing dead- lines. … We give considerable weight here to the interpretations clearly expressed by Treasury and the IRS.

Estate of Warren v. Commissioner

93 T.C. 694 · United States Tax Court · Dec 14, 1989

In article V, decedent provided for the establishment of two charitable annuity trusts, the Dorothy J. Warren Charitable Lead Children’s Trust and the Dorothy J. … Both such charitable beneficiaries were qualified charitable organizations at the date of decedent’s death.

Barbour v. Commissioner

29 T.C. 1039 · United States Tax Court · Feb 28, 1958

Barbour then made application to the Clerk of the Court of Cumberland County and was appointed administrator of the said estate on the 14th day of August 1951 and qualified as such on said date and gave a justified bond in … properly be credited to the estate, but we cannot accept his books and records as accurately establishing the amount of such credits.

Yocum v. Commissioner

50 T.C.M. 906 · United States Tax Court · Aug 26, 1985

The evidence in this case clearly establishes that at least part of petitioners' tax underpayment for the years at issue was intentional and not the result of an inadvertent omission or an honest mistake. … The record clearly establishes, therefore, that petitioners understood that they were required to report income from whatever source derived, but chose to report only income subject to documentation by third parties. *193

Brush Wellman, Inc. v. Commissioner

79 T.C. 160 · United States Tax Court · Jul 28, 1982

Petitioner, when it established its 1975 practical capacity levels, did not expect to pull out of the slump in 1975. … cash method does not clearly reflect income).

Estate of Palmer v. Commissioner

86 T.C. 66 · United States Tax Court · Jan 22, 1986

Fisher holds a real estate brokers license and has been qualified as an expert real estate valuation witness in numerous courts, including this Court. Stewart is an architect. … Clearly, the selling price would not have been less than this amount. Elsewhere on brief, petitioners assert the following: Mr.

Mannheimer Charitable Trust v. Commissioner

93 T.C. 35 · United States Tax Court · Jul 12, 1989

The agreement must also clearly specify the purposes of the grant. … Mannheimer, established for the purpose of promoting his interests in what could plainly qualify as tax-exempt fields.

Rice v. Commissioner

7 T.C. 223 · United States Tax Court · Jun 26, 1946

This situation clearly leads to the conclusion that George Rice waived his right to the payment of $ 54,500 loan due from Adele Stern Rice's estate. … The specific items in question were properly identified as a part of her estate, were not used to pay the decedent's debt, and their value at the date of her death has been established to have been $ 72,518.12.

Huntington Nat'l Bank v. Commissioner

13 T.C. 760 · United States Tax Court · Nov 21, 1949

C. 387 , that the use of established mortality tables, which are evidentiary only, must give way to the proven facts which show a less life expectancy. … Although he states in his brief that such bank would necessarily have to be reinstated by the probate court in order to qualify for further administration of the estate, he also states that the fact that Huntington National

Engle v. Commissioner

76 T.C. 915 · United States Tax Court · Jun 8, 1981

Goffe, J., concurring: I wholeheartedly concur, not only in the result, but also in the rationale of the majority opinion, which, contrary to the complaint in Judge Fay’s dissent, clearly explains why percentage depletion … The majority clearly holds that the intent of the statute is to allow the percentage depletion deduction for hydrocarbons “produced.” “Production” means extraction.

Raich v. Commissioner

46 T.C. 604 · United States Tax Court · Aug 12, 1966

In applying section 357 (c) to the facts herein, we are not unmindful that the result reached may conflict with the well established intent of Congress to foster tax-free business reorganizations. … However, in the absence of a clearly expressed congressional intent, we decline to adopt a construction of section 357 (c) which is supported neither by its language nor its legislative history.

Krause v. Commissioner

99 T.C. 132 · United States Tax Court · Jul 29, 1992

up to the lesser of $20 million or 75 percent of their expenses in qualified EOR projects. 10 C.F.R. sec. 212.78(a)(2) (1979). … The failure of many of the individuals who (on behalf of the partnerships) opined on aspects of the EOR technology license and lease agreements to expressly and clearly address the reasonableness of the assumptions on which

Schenley Industries, Inc. v. Commissioner

42 T.C. 129 · United States Tax Court · Apr 15, 1964

Since Import has established a qualifying event, we must consider the issue of whether the decline in Yat 69 sales was an “abnormality” for which a reconstruction should be made. … We have held that the mere successful operation of a business through efficient management and competent personnel does not establish the existence of a qualifying factor under (c)(1).

Booth v. Commissioner

108 T.C. 524 · United States Tax Court · Jun 17, 1997

Notwithstanding the reasons asserted by petitioners for the suspense account, the record shows clearly that the suspense account’s primary purpose was to pay fees and expenses, and that only a de minimis amount of funds was … An employer’s qualified cost equals the qualified direct cost for the taxable year, plus an addition to a qualified asset account. Sec. 419(c)(1).

Hollman v. Commissioner

38 T.C. 251 · United States Tax Court · May 11, 1962

We think that petitioner has established his right to this exemption. A qualified ophthalmologist, who had examined petitioner, appeared as a witness. … The statutory definition was read to him, and he testified clearly that petitioner’s eye condition met the requirements of the statute.

Ewing v. Commissioner

91 T.C. 396 · United States Tax Court · Aug 30, 1988

If there is a gain in your long position, you should qualify for capital gains treatment by going short in the same delivery month. … Thus, petitioners’ transactions are clearly within the purview of section 6621(c).