Case law

Anderson v. Commissioner

15 T.C.M. 922 · United States Tax Court · Jul 31, 1956

The houses could not qualify for F.H.A. loans. Savings and loan associations would not make improvement loans on the properties, and returned the fees that were paid with applications for loans. … Phillips, 24 T.C. 435 , confined to a particular area clearly identified for investment. The properties the petitioner sold were scattered over a rather wide area.

Jeffrey R. King and Sabrina M. King v. Commissioner

121 T.C. No. 12 · United States Tax Court · Sep 26, 2003

Section 151 provides exemption deductions for qualified dependents of a taxpayer in computing taxable income. … The Form 8332 itself clearly demonstrates that Mrs.

Acree v. Commissioner

35 T.C.M. 813 · United States Tax Court · Jun 14, 1976

Generally, a debt is considered worthless in the year in which identifiable events clearly indicate the futility of any hope of recovery. Denver & Rio Grande Western Railroad Co. v. … Foster was unable to establish the $10,000 jurisdictional amount and the suit was dismissed *223 without prejudice in September of 1969.

Pryor v. Commissioner

61 T.C.M. 2139 · United States Tax Court · Mar 14, 1991

Petitioners bear the burden of establishing the requisite profit objective. Beck v. Commissioner , 85 T.C. 557 , 569-570 (1985) ; Rule 142(a). … Petitioner has over 20 years of sailing experience and clearly enjoys sailing.

Ewell v. Commissioner

71 T.C.M. 3134 · United States Tax Court · May 30, 1996

The substantiation requirements do not apply to a qualified nonpersonal use vehicle. Sec. 274(d). … Reg. 46033 (Nov. 6, 1985) (partial list of qualified nonpersonal use vehicles, including clearly marked police and fire vehicles, ambulances, hearses, vehicles designed to carry cargo with a gross weight of more than

Beatty v. Comm'r

93 T.C.M. 1422 · United States Tax Court · Jun 27, 2007

It has been established that the taxpayer’s do not qualify for economic hardship. The representa- tive had made reference to a substantial gambling debt that she insists causes economic hardship. … The cumulative effect of the development of these equitable relief elements clearly demonstrates that the taxpayer does not qualify for innocent spouse relief under the provisions of IRC Section 6015(f).

Dickson v. Commissioner

23 T.C.M. 1161 · United States Tax Court · Jul 14, 1964

Duberstein, 363 U.S. 278 (1960) , the issue is clearly "one of fact, for determination on a case-by-case basis." … Duberstein, supra , and do not qualify as gifts under the statute.

Varner v. Commissioner

32 T.C.M. 97 · United States Tax Court · Feb 6, 1973

There is an established procedure which a partnership must resort to in order to enjoy the benefits of section 1033 . … Powell is clearly 16 distinguishable. In both Appleby, supra , and Powell, supra , petitioners inherited property which they then held for rental purposes.

Canal Corporation and Subsidiaries, formerly Chesapeake Corporation and Subsidiaries v. Commissioner

135 T.C. 199 · United States Tax Court · Aug 5, 2010

tribution and distribution transactions that occur within two years of one another are presumed to effect a sale unless the facts and circumstances clearly … establish otherwise (the 2- year presumption).

Wilbor v. Commissioner

17 T.C.M. 233 · United States Tax Court · Mar 24, 1958

At the same time, we recognize, of course, that a worthless debt, resulting from a loan by a stockholder or corporate executive to a corporation may qualify as a business bad debt, if the taxpayer was in reality engaged in … We think Giblin is clearly distinguishable from the instant case.

Anderson v. Commissioner

63 T.C.M. 2131 · United States Tax Court · Feb 19, 1992

There is no evidence that petitioners sought to determine whether Munz was qualified to produce and market the instructional tapes. … Clearly, the Hayses did not have to rely on profits from the master recording activity to meet their costs of living.

Starr v. Commissioner

28 T.C.M. 167 · United States Tax Court · Feb 19, 1969

While Julia and Alden were not qualified to treat any serious disease or ailments which afflict horses, they were competent to do many of the routine, elementary functions performed by a veterinarian. … Clearly this is not a case of a "gentleman farmer" or of "hobby" losses.

The Board of Trade of the City of Chicago and Subsidiaries v. Commissioner

106 T.C. No. 21 · United States Tax Court · May 29, 1996

partner or employee to another qualified individual in the firm. … The court said that Pinehurst was probably at the clearly qualified end of the scale of acceptable earmarking, stating that, “Although earmarking was not in question in that case, the earmarking which did occur and which

Compaq Computer Corp. v. Commissioner

78 T.C.M. 20 · United States Tax Court · Jul 2, 1999

Thus, the purchases from unrelated subcontractors identified by petitioner qualify as comparable uncontrolled sales for purposes of application of the CUP method. … A You can adjust from consignment to turnkey transactions, the--when you say whether you can do it with certainty is somewhat problematic since I clearly believe that sort of the 5 percent net should be

Peterson Irrevocable Trust 2 for benefit of Peterson v. Commissioner

51 T.C.M. 1300 · United States Tax Court · Jul 1, 1986

Acquiring Peterson's services was clearly the primary purpose of *408 the acquisition. … We consider all such possibilities clearly remote and hypothetical and therefore of no consequence. See Estate of Applestein v.

Scoggins v. Commissioner

61 T.C.M. 2859 · United States Tax Court · Jun 10, 1991

Approximately a year and a half later petitioners established a corporation, Epitaxy Equipment, Inc. (Equipment), to further improve reactor technology. … Review of these factors clearly shows B&B was not engaged in a trade or business for purposes of section 174(a) .

Gross v. Comm'r

96 T.C.M. 187 · United States Tax Court · Sep 29, 2008

While the parties skirmish over the date or dates on which petitioner contributed the Dimar securities to Dimar, we think that, if petitioner is right that Dimar was established on July 15, 1998, she is also right that … Petitioner argues that the schedule was clearly intended to be a list of the securities (all contributed by petitioner before December 15, 1998) held by Dimar on that date and was not intended to show that the securities

Wright v. Commissioner

64 T.C.M. 1482 · United States Tax Court · Dec 8, 1992

A failure to meet any of these requirements precludes an individual from qualifying as an innocent spouse. Estate of Jackson v. Commissioner , 72 T.C. 356 , 362 (1979) . … However, we think the other factors clearly show she had reason to know of the substantial understatement.

Myers v. Commissioner

43 T.C.M. 220 · United States Tax Court · Dec 28, 1981

In the instant case petitioner's records for the taxable years 1976 and 1977, which were stolen when his home was burglarized, were clearly lost through circumstances beyond his own control. 7 Petitioner therefore had a right … Nor do we decide whether the mattress and other items carried in the van, which appear to have been primarily for the comfort and convenience of petitioner, qualify as "job-required tools and material" within the meaning

Estate of Lloyd v. Commissioner

71 T.C.M. 1903 · United States Tax Court · Jan 29, 1996

OPINION Both parties introduced appraisal reports compiled by qualified appraisers, each of whom was familiar with property values in the vicinity of Birmingham, Alabama. … In particular, petitioner maintains that the establishment of sewer facilities to parcel A would likely be cost prohibitive.