Case law

Stafford v. Commissioner

64 T.C.M. 1199 · United States Tax Court · Nov 2, 1992

qualified earned income for the taxable year. … , do not qualify for the investment credit.

Young v. Commissioner

33 T.C.M. 397 · United States Tax Court · Mar 28, 1974

If the debt bears a proximate relationship to a trade or business of the taxpayer at the time of signing the indemnity and guaranty agreements, it qualifies as a business bad debt. … In an effort to establish the requisite motive, the petitioner testified that preservation of his job was his primary reason in signing the indemnity and guaranty agreements.

Jamieson v. Comm'r

95 T.C.M. 1430 · United States Tax Court · Apr 29, 2008

Analysis It is well established that, where a statute and a treaty pertain to the same subject matter, they must be read so as to give effect to both if at all possible. Whitney v. … Neither the Third nor the Fourth Protocol contains any provision clearly indicating that Congress’s intention to ensure that taxpayers with sufficient means should contribute a minimum amount of tax to the United States

Shaw v. Comm'r

100 T.C.M. 292 · United States Tax Court · Sep 27, 2010

In any event, petitioners clearly raised their reasonable cause defense in their hearing request, and we assume arguendo that petitioners have preserved this right. See Meeh v. Commissioner, T.C. … Petitioners must, therefore, qualify under the existing and proposed regulations section  - 18 - 301.6159-1, Proced. & Admin.

Emerson v. Comm'r

85 T.C.M. 1043 · United States Tax Court · Mar 20, 2003

Petitioner’s sole tort claims prior to the second amended complaint consisted of slander and intentional infliction of emotional distress, neither of which qualifies for exclusion under section 104(a)(2). … The defendants’ counsel, Dyer, also testified similarly that the mediation and settlement were to transfer clearly all rights in the patents to ProGuard.

Lewis v. Comm'r

56 T.C.M. 1328 · United States Tax Court · Feb 27, 1989

Petitioner's discharge clearly falls within the definition set forth in section 108(d)(2) . … The evidence fails to establish, however, that petitioner used any portion of his residence exclusively for business purposes.

Estate of Cavett v. Commissioner

79 T.C.M. 1662 · United States Tax Court · Mar 15, 2000

Clearly petitioners recognized their obligation to prove the exclusive charitable purposes for which the $22,000 bequests were to be used. … Commissioner, 45 F.2d 509 (5th Cir. 1930) (unrestricted bequests to Masonic organizations not organized exclusively for charitable purposes did not qualify for charitable deduction); McReynolds v.

Birnbaum v. Commissioner

30 T.C.M. 989 · United States Tax Court · Sep 8, 1971

However, each case is clearly distinguishable from the present case. In Pappas, a jury determined that payments to Dr. … Here as in Woddail no portion of the stipend is excludable since we are of the opinion that petitioner has failed to establish the existence of a fellowship grant.

Resser v. Commissioner

62 T.C.M. 617 · United States Tax Court · Aug 27, 1991

It is understood to be used in the context of immunizing an investor from *505 economic losses in an "unprofitable" transaction. See Levy v. Commissioner , 91 T.C. 838 (1988) ; Porreca v. … The record in this case clearly reflects that the activity in account QRF was separate and distinct from petitioner's Bichon Venture/AMR account trading activity.

PERFETTI v. COMISSIONER OF INTERNAL REVENUE

46 T.C.M. 1317 · United States Tax Court · Sep 7, 1983

The log did not contain the amount of such expenditures or the specific establishment where the meals were consumed. … must be established by an account book, diary, statement of expense or similar record.

Osteopathic Medical Oncology and Hematology, P.C. v. Commissioner

113 T.C. No. 26 · United States Tax Court · Nov 22, 1999

The provision does not establish a dichotomy between use and sale, as suggested by the majority.5 See, e.g., De Modena v. Kaiser Found. … The taxpayer in Wilkinson-Beane, Inc. was an undertaking establishment, which argued the primacy of the services that it provided to its customers.

Hayes v. Commissioner

68 T.C.M. 862 · United States Tax Court · Oct 6, 1994

Hooper and Zobel are clearly inapposite. … Hooper otherwise qualified for the exemption except that he did not become a resident of New Mexico until 1981. He applied for the exemption in 1983, and it was denied to him.

Estate of Hatchett v. Commissioner

58 T.C.M. 801 · United States Tax Court · Nov 29, 1989

The burden of proof is upon petitioner to establish that the fair market value of the farmland in issue is less than $ 253,000 as determined by respondent and upon respondent to establish that the fair market value of the … Clearly, unproductive vacant land cannot be valued using the income approach to valuation because there is no income stream to capitalize. However, Mr.

Sacks v. Commissioner

64 T.C.M. 1003 · United States Tax Court · Oct 6, 1992

The pump was required in order for the equipment to qualify for the Arizona tax credit for solar equipment. … Clearly, the reasonableness of these forecasts is key to evaluating the potential profitability of the ventures.

Bob Jones Univ. Museum & Gallery v. Commissioner

71 T.C.M. 3120 · United States Tax Court · May 29, 1996

Museums, of course, must also satisfy all other requirements of section 501(c)(3) to qualify for exemption. … First, as petitioner aptly points out, respondent does not cite any cases to support her “aura” argument, nor does she clearly define this exempt status- defeating “aura”.

Hodel v. Commissioner

72 T.C.M. 276 · United States Tax Court · Jul 31, 1996

Farm expenditures that are clearly capital in nature are not deductible at any time. Thompson & Floger Co. v. Commissioner, 17 T.C. 722, 724-726 (1951). … This result may appear inequitable in light of the fact that respondent clearly concedes that an overpayment exists for taxable year 1986.

Miller v. Commissioner

8 T.C.M. 26 · United States Tax Court · Jan 17, 1949

Cross Company, Inc., which at that time operated two drug stores, except for 50 shares, par value $100 each, acquired by his wife with funds which *295 he had given her, and one qualifying share in the name of Frank Milne … Miller & Co. business for the purpose of establishing a partnership with her. For gift tax purposes the one-half interest was valued at $21,000.

Merrill Lynch & Co., Inc. & Subsidiaries v. Commissioner

131 T.C. No. 19 · United States Tax Court · Dec 30, 2008

Applying sec. 304, I.R.C., we held that the cross-chain sales qualified as redemptions in complete termination of MLCR’s interest in the issuing corporations under sec. 302, I.R.C., and, as such, must … - 5 - During February and March 1987 Merrill Parent prepared a preliminary offering memorandum regarding the sale of ML Capital Resources, contacted various prospective buyers, and established

Houston v. Commissioner

57 T.C.M. 156 · United States Tax Court · Apr 18, 1989

For example, we have resolved some cases for the Commissioner on the ground that the taxpayer's activities clearly did not amount to the conduct of a trade or business, e.g., Polakis v. … Accordingly, even if the Portage stock qualifies as a capital asset in petitioner's hands, that fact does not answer the question whether it is also "property held for investment" for purposes of section 163(d) nor, in this

Raymond K. Dykema v. Commissioner

12 T.C.M. 462 · United States Tax Court · Apr 28, 1953

Russel's last will and testament and they were duly qualified as such. In their capacity as executors they filed a petition for redetermination of the deficiency. Raymond K. … There, one of the original objectives was clearly the collection of income while the hiring of the attorneys in the instant case was clearly for the purpose of disposition or exchange of a capital asset.