Case law

Cashman v. Commissioner

62 T.C.M. 322 · United States Tax Court · Aug 5, 1991

"Only a bona fide debt qualifies for purposes of section 166 . … Petitioner has failed to present any credible evidence of any provision for repayment of the advances. 3 Clearly, no third-party creditor would have made loans to Altoona under these conditions. *419 Petitioner's attempt

Sunshine Dep't Stores v. Commissioner

42 T.C.M. 1379 · United States Tax Court · Oct 7, 1981

The respondent determined that this allocation was necessary to prevent the evasion of taxes or to clearly reflect the incomes of the petitioner and the controlled entities. … Such vague benefits do not qualify as an offset against imputed interest under the applicable regulation.

Estate of Greenfield v. Comm'r

95 T.C.M. 1080 · United States Tax Court · Jan 31, 2008

Greenfield qualified under section 6015 for relief from any joint and several tax liability for 1982. On September 19, 1992, Mr. Greenfield filed a petition under chapter 11 of the Bankruptcy Code. … In contrast the October letter clearly did contain a statement regarding the period of limitations for 1982.

Lamark Shipping Agency, Inc. v. Commissioner

42 T.C.M. 38 · United States Tax Court · Jun 11, 1981

Under this rule a non-pro rata stock redemption does not qualify for the dividends paid deduction, and consequently does not reduce accumulated taxable income (assuming, of course, that the redemption does not otherwise qualify … We note, however, that Congress has seen fit to provide an exception for redemptions of stock which qualify under section 303.

Excelsior Aggregates, LLC, Big Escambia Ventures, LLC, Tax Matters Partner

United States Tax Court · May 30, 2024

In a joint status report filed April 4, 2024, the parties represented that, “absent a grant of immunity, Mr. … Mere physical adaptability to a use does not establish a mar- ket.” United States v.

Turkey Creek, Inc. v. Commissioner

54 T.C.M. 326 · United States Tax Court · Aug 26, 1987

Here again, no weight can be attributed to the minutes because the meeting occurred over a month after the agreement was executed, the board consisted of three Hopes, and the minutes are clearly a belated attempt by them … In view of the condition of the record, it is apparent that Turkey Creek as successor to N.W. has failed to establish that the amount of the note issued to Harling in 1980 represents the reasonable value of uncompensated

Estate of Richmond v. Comm'r

107 T.C.M. 1135 · United States Tax Court · Feb 11, 2014

The parties rely principally on expert testimony to establish the fair market value of the decedent’s interest in PHC. … Memo. 1991-615--but those cases are clearly distinguishable from the instant case.

Griffith v. Commissioner

56 T.C.M. 220 · United States Tax Court · Sep 19, 1988

The facts clearly indicate that Ella Davis was not paid a fee for "finding" the theater in Washington, D.C. … Petitioner has failed to establish a business purpose for the $ 50,000 loan. Therefore, the payments are not deductible by GTI, Gayety or petitioner. Sec. 162 .

Lois E. Ordlock v. Commissioner

126 T.C. No. 4 · United States Tax Court · Jan 19, 2006

overpayment exists as a result of the innocent spouse qualifying for such relief.” … Clearly, Congress knew how to craft a limitation had it wanted to do so. See, e.g., former sec. 6013(e)(5).

Surety Ins. Co. v. Commissioner

39 T.C.M. 1220 · United States Tax Court · Mar 13, 1980

Petitioner contends that some part of the bail forfeiture clearly relates to the economic risk inherent in the defendant's failure to appear. … Petitioner has clearly demonstrated that it is regulated as an insurance company and taxed like an insurance company by the states in which it does business.

Holland v. Commissioner

64 T.C.M. 1433 · United States Tax Court · Dec 3, 1992

following adjustments to petitioner's 1980 taxable income: (a) Increased petitioner's income by $ 13,315.42 for unreported income; (b) disallowed petitioner's Schedule C expense deductions of $ 68,743 in full for failure to establish … He, his accountants who checked the figures, and his counsel, all of whom saw the computation sheet bearing the correct figure for the deficiency, were clearly informed and must have known that the deficiency amount of $

Freeman v. Comm'r

93 T.C.M. 879 · United States Tax Court · Feb 7, 2007

Among the requirements for judicial estoppel to be invoked, a party’s current litigating position must be “clearly inconsistent” with a prior litigating position. Id. at 750-751. … Cochran determined that petitioners did not qualify for an offer-in-compromise.

Rigsby v. Commissioner

35 T.C.M. 780 · United States Tax Court · Jun 7, 1976

Per diem paid to the field team employees who qualified therefor was at the rate of $11 per day for a leadman and an engineer, and $9 per day for the other members of the field teams. … The per diem payments were "undeniable accessions to wealth, clearly realized and over which the [petitioner had] complete dominion," ( Commissioner v.

Mekulsia v. Comm'r

85 T.C.M. 1303 · United States Tax Court · May 15, 2003

The record also establishes that respondent believed the partnerships were abusive tax shelters. … Contrary to petitioner’s argument, respondent clearly had no obligation to notify Jay Hoyt of such activity.

Valley Camp Coal Co. v. Commissioner

26 T.C.M. 1147 · United States Tax Court · Nov 9, 1967

Bethany had to qualify to do business in the State of Ohio (and did so) in order to acquire the coal lands in that State. … The artificiality and unreality of the purported purchase by Bethany is clearly evident from the amount of the purchase price which was negotiated by Valley Camp.

Campbell v. Comm'r

39 T.C.M. 676 · United States Tax Court · Dec 10, 1979

Petitioners, however, have clearly misread section 676(b) . To be covered by that section, petitioners must have been unable to exercise their power for a 10-year period. Here, they merely chose not to. … Nevertheless, even assuming petitioner's activities for Harding College qualify as a business for purposes of section 274 , we think his unsupported, uncorroborated testimony as to the use of the country club is insufficient

Fisher v. Commissioner

64 T.C.M. 299 · United States Tax Court · Jul 29, 1992

The stock option plan clearly stated that it was governed by section 83 , and did not mention the applicability of sections 104(a)(3) or 105(e)(1) . … Respondent's determination that petitioners' underpayments of tax were due to negligence or intentional disregard of the rules or regulations is "presumptively correct and must stand unless the taxpayer can establish that

Hoffman v. Commissioner

57 T.C.M. 51 · United States Tax Court · Apr 10, 1989

as, in the opinion of the Commissioner, does clearly reflect income. … Petitioners failed to establish that Hoffman performed services which merited a salary of about $ 150,000.

WB Acquisition, Inc. v. Comm'r

101 T.C.M. 1157 · United States Tax Court · Feb 8, 2011

Finally, the DJB ESOP and the GSW ESOP provided Barone and Watkins with qualified retirement plans. … A lump-sum bid would force WCI to take on the risk of unexpected costs, a risk that was prevalent in the NTC project because no clearly defined scope of work was provided to Harper and WCI during the bidding process.

Whitcomb v. Commissioner

35 T.C.M. 793 · United States Tax Court · Jun 9, 1976

They concluded that the Log Inn Co. would qualify for the granting of a license but that the premises needed substantial improvement in order to pass the Health Department, Fire Prevention Bureau, and County Building Department … The record clearly does not support petitioners' position and the evidence is insufficient to show how much of the building was actually used for the operation of Whitcomb Associates.