Case law

Herrick v. Commissioner

36 T.C.M. 708 · United States Tax Court · Jun 7, 1977

Petitioner has the burden to establish that he sustained a deductible worthless stock loss for the year in issue. Boehm v. Commissioner, 326 U.S. 287 (1945) citing Burnet v. … Commissioner, 38 B.T.A. 1270 , 1278-9 (1938) , affd. 112 F. 2d 320 (7th Cir. 1940) , the Board clearly set forth the standards and guidelines for a determination of worthlessness as follows: * * * [a] loss by reason of the

Plano Holding LLC v. Commissioner

2019 T.C. Memo. 140 · United States Tax Court · Oct 16, 2019

The IRS asserted that Plano did not establish “that you incurred, or if incurred, paid this amount during the taxable year for ordinary and necessary business purposes and/or that any amount qualifies as a business expense … Holding fails to persuade us that such a payment qualifies as either ordinary or necessary in that line of business. Cf. Capital Video Corp. v.

Custis v. Commissioner

43 T.C.M. 1511 · United States Tax Court · May 26, 1982

; and (ii) By other corroborative evidence sufficient to establish such element. … That is clearly not the law. See section 1.274-2(c)(3)(i), Income Tax Regs.

Estate of Newman v. Commissioner

38 T.C.M. 898 · United States Tax Court · Jun 6, 1979

However, our decision that the deed did not qualify as a disclaimer, as the taxpayer contended, was clearly premised on our holding that a disclaimer must be valid under state law in order to qualify under section 2056(d) … The "renunciation of succession" provisions contained in section 113-824 of the Georgia Code (footnote 2, *310 supra ) do more than establish a time sequence for the filing of the appropriate document; they deal in substantive

Rueckwald Foundation, Inc. v. Commissioner

33 T.C.M. 1383 · United States Tax Court · Dec 2, 1974

These expenses were paid largely from the net income derived from the rental of the Gebauer assets, and the payments clearly inured to the benefit of Rueckwald and his family. See, e.g., General Contractors' Ass'n v. … benefit of any private shareholder or individual, * * * ↩ 5. (3)-1 (3)-1 Sec. 1.501(c) (3)-1(d) (1) (ii), Income Tax Regs., provides that - to meet the requirement of this subdivision, it is necessary for an organization to establish

Eaton v. Commissioner

10 T.C. 869 · United States Tax Court · May 18, 1948

Article II, section 2, clearly and consistently provides for the leasing of the equipment by the partnership and the payment of rentals by the Government. … Clearly then the rentals are not an element of the purchase price, but constitute merely one of several factors in its computation.

Gorman v. Commissioner

33 T.C.M. 74 · United States Tax Court · Jan 28, 1974

If a lease 15 agreement provides for *316 remodeling that contemplates demolition, the intent to demolish is established, ipso facto, at the time the lease is signed. … Clearly the Jewel Building as a whole was never abandoned nor permanently withdrawn from use.

Thomas v. Comm'r

2007 T.C. Summary Opinion 110 · United States Tax Court · Jun 28, 2007

In order to qualify for the section 105(c) exception, the payments to Mr. Thomas must satisfy both of these requirements. The Court finds that the payments to Mr. … The PIUMPP clearly provides that the amount of disability pension benefits an employee is entitled to receive is based on the employee’s years of employment. Mr.

Ahlegian v. Commissioner

34 T.C.M. 1485 · United States Tax Court · Nov 13, 1975

Clearly, the exchange of the building for shares in Precision was a completed transaction and treated as such by the parties for over 2 years. … Precision had sufficient earnings in both 1969 and 1970 to qualify these distributions as dividends under section 316, I.R.C. 1954 .

Parker v. Commissioner

53 T.C.M. 1199 · United States Tax Court · Jun 23, 1987

Commissioner, supra at 422 In sum, we hold that the *321 record clearly and convincingly establishes that petitioner fraudulently failed to report the misappropriated funds as income in each of the years at issue. … The conclusions contained in the psychiatrist's report were hedged with qualifying statements.

Vandenhoeck v. Commissioner

4 T.C. 125 · United States Tax Court · Sep 30, 1944

Boyer , Ct. of App. of Lyons, Dalloz, Second Part, p. 220. 3 *52 Under the regime of community, as established by the laws of France, the spouses are deemed to be at all times co-owners of an undivided half of all the property … The stock in question clearly has a situs within the United States for purposes of the estate tax, DeGaney v. Lederer , 250 U.S. 376 ; Burnet v. Brooks , 288 U.S. 378 ; sec. 862 (a), I. R.

Bonds v. Comm'r

2011 T.C. Summary Opinion 122 · United States Tax Court · Oct 17, 2011

A taxpayer must satisfy both requirements of section 469(c)(7)(B) in order to qualify as a real estate professional. … Clearly as to the underpayments attributable to those adjustments we conclude that respondent has carried his burden of production and that petitioner has failed to satisfy her burden of proof.

Eyler v. Commissioner

69 T.C.M. 2200 · United States Tax Court · Mar 23, 1995

Bruno, as the plan trustee, and the members appointed to the plan committee at the December 12, 1986, board meeting clearly fall within the definition of a named fiduciary. … CTS qualifies as a fiduciary, because under the terms of the CTS ESOP plan, CTS was to exercise discretionary authority or control respecting management of the plan.

Harrington v. Commissioner

48 T.C.M. 837 · United States Tax Court · Aug 9, 1984

Pursuant to section 1.48-8(g)(1), Income Tax Regs. , if a taxpayer purchases a qualified film before it is placed in service, the purchaser's qualified United States production costs are equal to the lesser of the total qualified … We note also that where qualified United States production costs cannot otherwise be established, sec. 1.48-8(g)(2)(ii), Income Tax Regs. ↩ , establishes a presumption that such costs equal the amount of the fixed purchase

Elizalde v. Commissioner

48 T.C.M. 28 · United States Tax Court · May 7, 1984

Respondent did not present any qualified expert testimony regarding the value of the Evanwood property on the date of the transfer here in question. … That amount would clearly have been adequate to satisfy Daniel's tax liability as determined by the Stipulated Decision in this Court.

Merwin K. Sigale v. Commissioner

2014 T.C. Summary Opinion 19 · United States Tax Court · Mar 4, 2014

“The total necessary expenses establish the minimum a taxpayer and family needs to live.” IRM pt. 5.15.1.7(1) (Oct. 2, 2009). … Assuming for the sake of argument that they qualify as one or the other, we nevertheless conclude that the Appeals Office did not abuse its discretion in this case.

Adamson v. Commissioner

32 T.C.M. 484 · United States Tax Court · May 7, 1973

Clearly, the reasonable expenses incident to the 13 purchase of a new home as found in section 217 were not intended to include the expense in question. See H. … expenses. (2) Qualified residence sale, etc., expenses. - For purposes of paragraph (1) (E), the term "qualified residence sale, purchase, or lease expenses" means only reasonable expenses incident to - * * * (B) the purchase

Oman v. Commissioner

48 T.C.M. 499 · United States Tax Court · Jul 12, 1984

Here, the payment was clearly imposed on petitioner pursuant to the August 3, 1976, order for support. This order qualifies as a "written instrument incident" to a divorce for purposes of section 71(a)(1). … The payments here in issue are *338 clearly installment payments.

Kraus v. Commissioner

59 T.C. 681 · United States Tax Court · Feb 22, 1973

Establishment (hereinafter SAT). SAT was organized as an "anstalt" under the laws of Liechtenstein sometime prior to 1962. … There is clearly nothing improper about such a purpose for the divestiture.

Butler v. Commissioner

59 T.C.M. 418 · United States Tax Court · Apr 16, 1990

Accordingly, we held that petitioner's alleged contributions to the church did not qualify as charitable deductions. … Commissioner , supra at 1123 . *238 The evidence clearly establishes that petitioner's underpayment of income taxes during each of the years in issue was due to fraud.