Case law

Ramey Inv. Corp. v. Commissioner

26 T.C.M. 17 · United States Tax Court · Jan 11, 1967

Respondent admits that petitioner never sold houses to any individuals but points out that Longview Realty, which purchased most of the houses from petitioner, was originally established as a selling agency for the homes … The junior Long, who has been and is very active in the commercial and residential development of the entire Atlanta area, clearly described his and his father's plans for the Longview subdivision - none of which contemplated

Kean v. Commissioner

91 T.C. 575 · United States Tax Court · Sep 8, 1988

Also, only a bona fide debt qualifies for purposes of section 166. … Our conclusion that Urban did not have a reasonable expectation of repayment is based on the record, which clearly reflects the precarious financial condition of both Mesa and the PRC Group at the time most of the transfers

Jessup v. Commissioner

36 T.C.M. 1145 · United States Tax Court · Aug 25, 1977

may become extinct, provided the stock is still held and there may be some future value, and provided further that there is an absence of an identifiable event which has been brought to the taxpayer's knowledge and which clearly … Only if the debt bears a proximate relationship to the taxpayer's trade or business will it qualify for a business bad debt deduction under section 166(a) . Sec. 1.166-5(b), Income Tax Regs.

Michael H. Shaut

United States Tax Court · Nov 6, 2024

Here, the Arbitration Award clearly contradicts Mr. Shaut’s testimony. … Casualty and Loss Deduction for 2019 Section 165(a) and (c) allows a deduction for losses arising from a qualifying casualty or loss, including theft, not compensated for by insurance or otherwise. See Treas.

Bush v. Commissioner

16 T.C.M. 243 · United States Tax Court · Mar 29, 1957

Zeibig were named executors and trustees of decedent's estate and duly qualified. … Petitioner has the burden to clearly establish that the receipt of 80 per cent of the total compensation was received in one taxable year. Estate of Marion B. Pierce, 24 T.C. 95 ; Drysdale v.

Samuelson v. Commissioner

50 T.C.M. 1409 · United States Tax Court · Nov 14, 1985

Although petitioner did allege that his actions were not fraudulent, the fact of fraud for each of the years at issue has been conclusively established through petitioner's deemed admissions. Doncaster v. … But petitioner's course of conduct convinces us that he did not come before this Court in order to challenge the fraud determination.His failure to prosecute his case coupled with the clearly frivolous petition and amended

Humphrey v. Commissioner

5 T.C.M. 21 · United States Tax Court · Jan 18, 1946

Year 1941: $ 150.00 (11) Bonus; books determined not to reflect transaction clearly. … Their only contention is that it qualifies for longterm capital gain rates, the note having been held longer than the required period.

Estate of Dorothy Walsh, Charles E. Walsh, Personal Respresentative v. Commissioner

110 T.C. 393 · United States Tax Court · Jun 15, 1998

Walsh and the decedent established a revocable trust named the Dorchar Trust Agreement (the Trust), and they transferred most of their assets to the Trust. … The estate asserts that the Agreement states clearly that the intent of the Trust's settlors was to qualify Trust A for the marital deduction.

Chiu v. Commissioner

73 T.C.M. 2679 · United States Tax Court · Apr 30, 1997

amounts to qualify as a rollover contribution. … Without more, we conclude that petitioner's testimony regarding the brochure fails to establish reasonable cause.

Moore v. Commissioner

45 T.C.M. 557 · United States Tax Court · Jan 24, 1983

under such method as, in the opinion of the Commissioner, does clearly reflect income. … This Court, in its prior decisions, has required an extremely strong showing to be made in order for a taxpayer to qualify under this exception.

Bowen v. Commissioner

78 T.C. 55 · United States Tax Court · Jan 20, 1982

Bowen established the "Stockton and Bowen Joint Account” in 1969. … The market for such stock was clearly limited. The yearly installments payable under the contract would provide a steady flow of cash for the operation of her gift shop.

Carney v. Commissioner

37 T.C.M. 349 · United States Tax Court · Feb 23, 1978

Carney qualifies as a deductible educational expense under section 162(a) . … The NEA itinerary followed by the petitioners establishes convincingly that this trip was a general sight-seeing European tour and clearly demonstrates that Mr.

Bennett v. Comm'r

104 T.C.M. 41 · United States Tax Court · Jul 12, 2012

Although petitioners point to a couple of cases that hold that very few sales can still qualify for a finding that the property was held primarily for the sale to customers in the ordinary course of business, we do not … Petitioners had the burden of establishing that the $47,069 was included in their income for  - 22 - 2002 or was a loan and they failed to do either; therefore, petitioners are liable

KRIST v. COMMISSIONER

81 T.C.M. 1749 · United States Tax Court · Jun 15, 2001

However, the statute requires that the separate structure be used exclusively for business purposes in order to qualify for the deduction. … It is well established that where a taxpayer fails to maintain adequate records, the Commissioner may prove the existence and amount of unreported income by any method that will clearly reflect the taxpayer's income.

Whitehouse Hotel Limited Partnership, QHR Holdings-New Orleans, Ltd., Tax Matters Partner v. Commissioner

139 T.C. 304 · United States Tax Court · Oct 23, 2012

‘‘A qualified conservation contribution is the contribution of a qualified real property interest to a qualified organization exclusively for conservation pur- … not what Congress intended when it established the rule.’’

Estate of Schutt v. Comm'r

89 T.C.M. 1353 · United States Tax Court · May 26, 2005

Schutt also established at least three additional trusts during the 1970s for the benefit of their grandchildren and the issue of their grandchildren. 3 Christiana Securities Company was a holding company established … For instance, decedent requested that the proposed fee agreement be amended: (1) To provide clearly that WTC’s commissions as custodian of the business trust assets would not exceed the fees lost on trustee fees from

Brown v. Commissioner

51 T.C.M. 1321 · United States Tax Court · Jul 2, 1986

that an organization which those contributions did reach qualified for exemption. … The record is silent as to whether Jensen's Rehobeth chapter of ULC could qualify as an exempt organization, and it has been firmly established that the tax exempt status of the ULC-Modesto (prior to revocation of the IRS

Astone v. Commissioner

47 T.C.M. 632 · United States Tax Court · Dec 15, 1983

We believe that record clearly shows that Mr. … This diversion of corporate receipts clearly qualifies as an "independent act of misrepresentation of concealment." See Marsellus v.

Fotocrafters, Inc. v. Commissioner

19 T.C.M. 1401 · United States Tax Court · Nov 29, 1960

This clearly qualified him to express his opinion. Builders Steel Co. v. Commissioner, supra. Respondent argues that Enright's salary should certainly be no higher than that of Lovett, *57 the competitor's president. … However, it is well recognized that a bonus system based on net profits is an established, permissible and often very necessary incentive compensation device in modern American industry. William S. Gray & Co. v.

Thomas v. Commissioner

44 T.C.M. 1261 · United States Tax Court · Sep 28, 1982

Here the decree clearly limits the weekly payments to two years.It does not provide for any contingencies the occurrence of which would lengthen the payout period. … We conclude that the payments do not qualify under section 71(c)(2) for periodic payment treatment.