Case law

Estate of Katz v. Commissioner

27 T.C.M. 825 · United States Tax Court · Aug 5, 1968

In 1953, the Corporation initiated a qualified profit-sharing plan for the benefit of all of its employees. … By the end of 1956, the Katz Agency had established its position in the television market, and no substantial increase in market share occurred in the period 1956-1961.

Transp. Labor Contract/Leasing, Inc. v. Comm'r

90 T.C.M. 42 · United States Tax Court · Jul 14, 2005

Only benefit plans established by an employer for the benefit of such employer’s employees qualify for certain favorable tax treatment. See, e.g., secs. 401(a), (k), 125(a), (d), 79(a). … qualified for such 30 See supra note 8

Ziegler v. Commissioner

49 T.C.M. 182 · United States Tax Court · Nov 28, 1984

This adjustment clearly is duplicative of the loss disallowance. Despite these facts, however, *80 we think that respondent's actions fall far short of denying Ziegler his right to due process. … To qualify, the property must be depreciable. 18 Section 48(a)(1) ; section 1.48-1(a), Income Tax Regs. ; section 1.48-1(b)(1), Income Tax Regs.

Wilmoth v. Commissioner

38 T.C.M. 1216 · United States Tax Court · Aug 14, 1979

Morlang's name, except for five shares registered in each of the other participant's names as director's qualifying shares. … The shares not used as director's qualifying shares were pledged on loans of $2,088,175 made by The Central Trust Company of Cincinnati, Ohio to the participants to purchase the stock.

Hunt & Sons, Inc. v. Comm'r

83 T.C.M. 1345 · United States Tax Court · Mar 8, 2002

Harris’s conclusions of value because his report is professionally prepared, he is well qualified to make adjustments to equate the comparable properties, and he fully disclosed his methodology and analysis. … Harris, respondent established that the Nella Oil property is superior in every way to petitioner’s properties.

Coastal Club, Inc. v. Commissioner

43 T.C. 783 · United States Tax Court · Mar 17, 1965

rather than in favor of exemption; that the prescribed tests and requirements for exemption must be met by the party claiming exemption and where there is doubt construction must be in favor of the taxing authority. 2 To qualify … The transaction under discussion was clearly of the former character. * * * Here the facts stand in refutation of the claim that the oil and gas transactions were merely incidental to petitioner’s pleasure and recreational

Robert D. Booth and Janice Booth v. Commissioner

108 T.C. No. 25 · United States Tax Court · Jun 17, 1997

definition given that term under the qualified plan. … An employer's qualified cost equals the qualified direct cost for the taxable year, plus an addition to a qualified asset account. Sec. 419(c)(1).

Estate of Holdeen v. Commissioner

34 T.C.M. 129 · United States Tax Court · Feb 19, 1975

The first ground is clearly untenable. … His two daughters Sherley and Audrey were not qualified to administer *495 large sums of money.

Estate of Thomas A. Walsh v. Commissioner

6 T.C.M. 606 · United States Tax Court · May 29, 1947

Walsh except one qualifying share which was issued to Mr. Walsh. … It was clearly the right, if not the duty, of Mrs. Walsh as executrix of the estate to make an arrangement with Tom for the proper conduct of the business during the period of administration.

Holman v. Commissioner

32 T.C.M. 1323 · United States Tax Court · Dec 26, 1973

The situations are clearly different. Second, in L. Heller & Son, Inc., supra , the taxpayer was a corporation whose wholly owned subsidiary went through bankruptcy proceedings. … In the present case, After Hours was attempting to establish a good reputation, not defend one that had been established over a thirty-year span of doing business.

Felt v. Comm'r

98 T.C.M. 372 · United States Tax Court · Oct 28, 2009

But he doesn’t actually deny owing AGI money; his briefs dispute only whether the AGI records showed a debt, and whether they establish its amount. … We have long recognized the problem of fixing when indebtedness is canceled; indeed, “it will often be impossible to find one, and only one, event that clearly establishes the time of abandonment [of a claim]; there is

Field v. Commissioner

30 T.C.M. 961 · United States Tax Court · Sep 7, 1971

The Silberblatt case does not require a different conclusion for that case is clearly distinguishable from the instant case. … Not only did Shepheard clearly indicate that he regarded himself as the owner of the stock, but the petitioner accepted this fact.

Laughlin v. Commissioner

24 T.C.M. 252 · United States Tax Court · Mar 4, 1965

The opinion in that case shows that the facts involving the application of estoppel are clearly distinguishable from those before us. … Fraudulent intent can seldom be established by direct proof of the taxpayer's state of mind, and proof of fraud if it is to be established must depend to some extent on circumstantial evidence.

Amato v. Commissioner

36 T.C.M. 1202 · United States Tax Court · Sep 8, 1977

While the mere failure to file a return may not alone be sufficient to establish fraud, Muste v. … These discrepancies between reported and actual income were clearly both "substantial" and "consistent."

Coffey v. Commissioner

49 T.C.M. 910 · United States Tax Court · Mar 7, 1985

The record as a whole clearly indicates that the entire transaction was in a state of flux throughout September, October and most of November. … This clearly gives rise to a distortion of income and should not be permitted unless it can be shown that there was some valid business purpose for executing a nonrecourse note.

HAWKINS v. COMMISSIONER

53 T.C.M. 138 · United States Tax Court · Feb 12, 1987

In the event a debt was established by the transfer, it was worthless when made or, if not then worthless, you have not established that the debt became worthless in the taxable year 1971 or any other taxable year." … However, only a bona fide debt qualifies for purposes of section 166 .

William G. Allen

United States Tax Court · Jul 11, 2023

Allen GST Investment Trust The Allen GST Investment Trust (GST Trust) is a qualified subchapter S trust for federal income tax purposes with a Nevada situs. … Only a bona fide debt qualifies for purposes of section 166. Treas. Reg. § 1.166-1(c).

Human Engineering Institute v. Commissioner

37 T.C.M. 619 · United States Tax Court · Apr 13, 1978

The facts of this case clearly establish that HEI was operated, if not organized, for, inter alia, a commercial purpose, *413 i.e., the pecuniary benefit of petitioners Joseph S. Kopas and Mary E. … The close relationship between the lessor-petitioners, Kopas, and the lessee-petitioner, HEI, is clearly established and there is no evidence of arm's length dealing between them relative to the properties in question.

Seaboard C. L. R. Co. v. Commissioner

54 T.C.M. 1334 · United States Tax Court · Dec 21, 1987

The "Atlantic" name was established November 21, 1898. … Further, respondent argues: (1) Petitioner *709 failed to offer a qualified expert on value of relay rail; (2) respondent did offer a qualified expert on the value of relay rail; and (3) petitioner did not offer evidence

CHRISTENSEN v. COMMISSIONER

82 T.C.M. 286 · United States Tax Court · Jul 23, 2001

Hulse to explain the Blythe II investment to them, which would seem particularly important given the fact that petitioners clearly did not carefully scrutinize the offering themselves. … Accordingly, petitioners failed to establish that their reliance on the advice of Mr. Hulse was reasonable or in good faith. See Glassley v. Commissioner, supra.