Case law

Barton Theatre Co. v. Commissioner

40 T.C.M. 198 · United States Tax Court · Apr 21, 1980

The difficulty with petitioner's argument is that the only credible evidence in the record clearly indicates that the redeemed Atlas stock was actually transferred to Atlas in 1966. … Unlike petitioner, the taxpayer in that case had established that the stock to be valued was restricted stock.

JULICHER v. COMMISSIONER

2002 T.C. Memo. 55 · United States Tax Court · Feb 27, 2002

Respondent disputes whether the roof collapse was a casualty within the meaning of sec. 165, arguing that the collapse resulted from the slow deterioration of the roof trusses, and thus lacked the requisite suddenness to qualify … Thus, petitioner’s averments included a claim for compensation with respect to damage to the building. 17 The date of the settlement is not in the record, although it clearly occurred sometime after August 1995

Campbell

64 T.C.M. 1117 · United States Tax Court · Oct 22, 1992

Clearly there is no estoppel of respondent in this case. See Saigh v. Commissioner , 36 T.C. 395 , 423 (1961) . … Memo. 1992-143 , we held that in order to qualify for any of the special rules provided for in the Tax Reform Act of 1986, Pub.

Barnes v. Commissioner

35 T.C.M. 225 · United States Tax Court · Feb 26, 1976

The record does not establish the location of his assignment from that date until he was assigned to George Air Force Base in California on September 9, 1966. … The per diem payments were "undeniable accessions to wealth, clearly realized and over which the [petitioner had] complete dominion," ( Commissioner v.

Ramberg v. Commissioner

34 T.C.M. 550 · United States Tax Court · Apr 22, 1975

This testimony--which required the waiving by both parties of the lawyer-client privilege--clearly *272 shows the true intent of the parties. … The Property Settlement Agreement intentionally specifies 121 monthly payments in order that the payments qualify as support taxable to Jacquelene. See section 71(c) (2) .

Schaefer v. Commissioner

63 T.C.M. 2684 · United States Tax Court · Apr 6, 1992

Farming Activity It is well established that in determining whether an activity is engaged in for profit, a reasonable expectation of profit is not required, but the relevant facts must establish that the taxpayer entered … Therefore since the evidence required to refute respondent's alternative theory based on Revenue Ruling 83-28 is clearly different from the evidence required to refute the theory set forth in the deficiency notice, respondent's

Hesse v. Commissioner

58 T.C.M. 199 · United States Tax Court · Sep 25, 1989

Moreover, respondent has clearly linked petitioners to an illegal income-producing activity, which is all that is required. See Weimerskirch v. … We are not persuaded that in this case such circumstantial evidence establishes fraud by clear and convincing evidence. The mere failure to file is not sufficient to establish fraud. Kotmair v.

Estate of Stratton v. Commissioner

45 T.C.M. 432 · United States Tax Court · Dec 30, 1982

The secondary offering established by the underwriters on March 16, 1964, was *8 at $41 per share. … In our view, this witness is a well qualified appraiser, and his appraisal was based on sound reasoning.

Shane v. Commissioner

40 T.C.M. 1308 · United States Tax Court · Sep 22, 1980

Thus, the issues for decision are whether petitioner has established both that the payments were in the nature of support and that they were periodic. … We accordingly hold that the payments in issue do not qualify as "periodic" under section 71(c)(2) .

Tricarichi v. Comm'r

110 T.C.M. 370 · United States Tax Court · Oct 14, 2015

Petitioner and his advisers were clearly suspicious about Fortrend’s scheme. But instead of digging deeper, they engaged in willful blindness and actively avoided learning the truth. … It is a fair assumption that Fortrend established this affiliate, like Nob Hill,  - 68 - [*68] Millennium, and its other affiliates, in a manner that effectively immunized them from

Barnett Banks of Florida, Inc. and Subsidiaries v. Commissioner

106 T.C. No. 4 · United States Tax Court · Feb 29, 1996

- 4 - subsidiary bank corporations (issuing banks) issued Visa cards2 to customers who qualified for the cards. … If the taxpayer's method of accounting does not clearly reflect income, the computation of taxable income shall be made under such method as, in the opinion of the Secretary, does clearly reflect income.

Tribune Company, As Agent of and Successor By Merger to the Former the Times Mirror Company, Itself and its Consolidated Subsidiaries v. Commissioner

125 T.C. No. 8 · United States Tax Court · Sep 27, 2005

Respondent contends that the Bender transaction does not qualify as a reverse triangular merger because TMD received more than qualifying stock of MB Parent and the transaction thus fails to satisfy the “exchange” requirement … Second, petitioner asserts that “the evidence conclusively establishes that the parties valued the MBP Common at $1.375 billion.”

Beltran v. Commissioner

43 T.C.M. 892 · United States Tax Court · Mar 25, 1982

. *609 The deductions we have allowed qualify for the most part as business meals under section 274(e)(1) , and are therefore exempt from the limitations on deductibility contained in section 274(a) . … We think that the facts of this case are clearly distinguishable from those of McKinney v. Commissioner, T.C. Memo. 1981-181 , and Copeland v. Commissioner, T.C. Memo. 1980-476 , on which petitioner relies so heavily.

Lorton v. Commissioner

12 T.C.M. 613 · United States Tax Court · May 29, 1953

Petitioner is particularly qualified to understand the requirements of the Code and to keep adequate books and accounting records which clearly reflect his net income. … In fact the record clearly shows that the loans, if made at all, were made to friends and were nonbusiness advances.

EST v. Commissioner

52 T.C.M. 920 · United States Tax Court · Oct 23, 1986

No such action shall be effective unless set forth in writing signed by the parties and clearly setting forth the consequences of such action. … Absent a genuine indebtedness to Welbehagen, the amounts designated by petitioner as interest *143 paid to Welbehagen do not qualify for their deduction under section 163 .

Clark v. Commissioner

16 T.C.M. 555 · United States Tax Court · Jul 17, 1957

One qualifying share was issued to another individual who is not involved herein. Petitioner acquired his shares at a cost of $36,500. … It is clearly an income item to the company and is as much includible in available earnings as any other item of income.

Seyed-Jalil Ghadiri-Asli & Mojdeh Najle-Rahim v. Commissioner

2019 T.C. Memo. 142 · United States Tax Court · Oct 23, 2019

Accordingly, we deem petitioners to have conceded respondent’s proposed findings of fact as correct except to the extent that petitioners’ proposed findings of fact are clearly inconsistent therewith. See Jonson v. … In deciding whether petitioners qualify for the exclusion under section 104(a)(2), our analysis begins with the terms of the settlement agreement. See Rivera v.

Goldberg v. Commissioner

63 T.C.M. 2168 · United States Tax Court · Feb 24, 1992

explanation in the notice of deficiency reads in part as follows: It is determined that you are not entitled to any Investment Tax Credit in the amount of $ 19,500.00 from Jarelco, a partnership 5 , since it has not been established … flow-through entities from the I.R.M. is not applicable to an S corporation for the taxable year 1982, "the additional language * * * 'and any entity from which tax attributes pass to or are properly reportable by taxpayer' clearly

Estate of Earl W. Hamlin v. Commissioner

9 T.C.M. 477 · United States Tax Court · Jun 9, 1950

Hamlin is the duly appointed, qualified and acting executrix of the estate. The income tax returns of Earl W. Hamlin (hereinafter sometimes referred to as Hamlin) for the calendar years 1942 and 1943 and of Earl W. … Hamlin's books and records were so incomplete and unsatisfactory that it was impossible for the petitioner's own accountant to reconstruct clearly the source of all funds received and expended by Hamlin from January 1, 1942

Deihl v. Comm'r

90 T.C.M. 579 · United States Tax Court · Dec 15, 2005

Hence, petitioners clearly fall short of deductibility under an objective approach. … Nothing establishes that any were made to qualified donees. The $5,000 payment to the Republican Party was apparently conceded, and political contributions are generally disallowed in any event. Cloud v.