Case law

Myco Industries, Inc. v. Commissioner

63 T.C.M. 2355 · United States Tax Court · Mar 12, 1992

It is well established that these arguments are more suitably left for trial. Chatham Corp. v. Commissioner , supra at 147 ; *162 K&R Delivery, Inc. v. Commissioner , T.C. Memo. 1987-618 . … These shares were included in his gross estate and qualified for section 303 treatment on redemption. Both the estate and Myco intended to use section 303 to the fullest permissible extent. The original due date for Mr.

John D. Shea v. Commissioner

112 T.C. No. 14 · United States Tax Court · Apr 1, 1999

This subsection shall not apply to any qualified nonpersonal use vehicle (as defined in subsection (i)). … Clearly the Ninth Circuit has adopted both alternatives of our disjunctive test.

Estate of Kamm v. Commissioner

22 T.C.M. 1805 · United States Tax Court · Dec 31, 1963

There was clearly no book value to the stock at the time it was issued. … Certainly, the estate qualifies for a marital deduction, subject to the 50 percent limitation of section 812(e)(1)(II) , for the one-third interest Emily was entitled to under New Jersey law as her intestate share in the

Charles C. Allen, III and Barbara N. Allen v. Commissioner

118 T.C. No. 1 · United States Tax Court · Jan 4, 2002

During its 1994 and 1995 taxable years, F incurred wages that qualified for the targeted jobs credit (TJC) under secs. 38 and 51, I.R.C. … The report of the House Ways and Means Committee, for example, explains clearly and unambiguously that the starting point for computing a corporation’s AMTI is “taxable income”.

Smith v. Commissioner

6 T.C.M. 548 · United States Tax Court · May 21, 1947

It was incumbent upon petitioner to establish that the endorsement transaction was in fact entered into for profit in order to qualify for a loss deduction under section 23 (e)(2) . This petitioner has not done. … Such loss clearly did not result from wear or tear, nor do we think the situation is one which is properly susceptible of being recognized as a form of obsolescence.

Yvonne E. Thurner v. Commissioner

121 T.C. No. 3 · United States Tax Court · Jul 11, 2003

Therefore, petitioners would not qualify for relief from joint and several liability under sec. 6015(c).  - 8 - F. … The record clearly establishes that petitioner Scott P. Thurner participated meaningfully in the District Court collection action.

Govier v. Commissioner

60 T.C.M. 1348 · United States Tax Court · Dec 5, 1990

In this regard, in describing a special agent's qualified overtime, the *690 Internal Revenue Manual provided that "failure to seize limited opportunities to examine [evidence] could be considered negligence on the part of … In contrast, petitioner in the instant case has not clearly shown how he intended to treat these items.

Hutchens v. Commissioner

66 T.C.M. 1599 · United States Tax Court · Dec 16, 1993

Decedent had established the L.G. Hutchens Insurance Trust on or about December 11, 1964. … Despite the familial relationship among many of the parties to the sale, their interests were clearly divergent.

Burrus v. Comm'r

86 T.C.M. 429 · United States Tax Court · Oct 3, 2003

The fact that the taxpayer devotes a limited amount of time to an activity does not necessarily indicate a lack of profit motive where the taxpayer employs competent and qualified persons to carry on such activity. … Burrus has been successful in his medical practice, and the missionary hospital he established in Africa is still operating.

Jolin v. Commissioner

50 T.C.M. 140 · United States Tax Court · Jun 17, 1985

Sec. 707-C of the Code clearly applies only to payments actually received. Since the corporation has not received the amounts in the examiner's adjustment, I do not own any tax on it. … No stock book, minute book, share certificate, or other corporate records were produced, however, to establish that the contemplated transfer was effected as of June 30, 1978.

Estate of Clarke v. Commissioner

35 T.C.M. 1482 · United States Tax Court · Oct 28, 1976

Petitioner in no way qualified as an expert in valuation and, after listening to his testimony in this regard, we are of the opinion that it is insufficient *149 to establish the correct net value of Atlantic Gear. … The Engineering Employees Pension Trust was a qualified trust under secs. 401 and 501, I.R.C. 1954 ↩ . 5.

Hernandez v. Commissioner

75 T.C.M. 1714 · United States Tax Court · Feb 5, 1998

Commissioner, 105 T.C. 260, 287 (1995), affd. 115 F.3d 722 (9th Cir. 1997), not all interest-bearing obligations issued by State and local governments qualify as section 103(c)(1) obligations. … Glenshaw Glass Co., 348 U.S. 426, 431 (1955) (“undeniable accessions to wealth, clearly realized, and over which the taxpayers have complete dominion”), we sustain in its entirety respondent’s adjustment to petitioner’

Charles T. McCord, Jr. and Mary S. McCord, Donors v. Commissioner

120 T.C. No. 13 · United States Tax Court · May 14, 2003

The court held that such a clause “is clearly a condition subsequent and void because contrary to public policy.” Id. at 827. … This is clearly a condition subsequent and void because contrary to public policy.

Bass v. Commissioner

55 T.C.M. 126 · United States Tax Court · Feb 22, 1988

There was no evidence that they could have been so careless as to neglect to establish the chain of title. … Tolep, who was not qualified as an expert, is far from disinterested because his own case is bound by the outcome in this case.

Sampson v. Commissioner

51 T.C.M. 1148 · United States Tax Court · Jun 9, 1986

On March 5, 1982, petitioners filed a motion characterized as a motion for grant of immunity which was denied on March 19, 1982. … Clearly, the amount omitted from petitioners' gross income was in excess of 25 percent of the amount of gross income stated in the returns. Respondent did not have a sufficient clue as to the omitted income.

Marc G. Bissonnette and Lillian I. Cone v. Commissioner

127 T.C. No. 10 · United States Tax Court · Oct 23, 2006

A brief rest period which “anyone can, at any time, without special arrangement and without special expense, take in his own automobile or office” does not qualify. Id. at 1213. … The revenue procedures petitioner relied upon, as discussed above, clearly state that section 274(n)(1) reduces the allowable Federal M&IE rate by 50 percent.

Estate of Maceo v. Comm'r

23 T.C.M. 258 · United States Tax Court · Feb 27, 1964

Frances Maceo and Sam Serio are duly qualified independent executrix and executor, respectively, of the Estate of Rosario Maceo, Deceased. … In our opinion, the instant cases are clearly distinguishable from Jack Douglas, supra.

Daoud v. Comm'r

100 T.C.M. 570 · United States Tax Court · Dec 22, 2010

A leasehold interest in land or a building, which is what the Daouds held in their Irvine Wienerschnitzel, may also qualify as section 1250 property. … The Commissioner did establish the first element: There clearly was an underpayment in 2001.

Booker v. Commissioner

71 T.C.M. 3150 · United States Tax Court · Jun 6, 1996

The amount of the credit is limited to a percentage of a taxpayer’s qualified investment in section 38 property. Sec. 46(a). … Qualified investment in new property is a percentage of the property’s basis, generally its cost. Secs. 46(c)(1), 1012.

Hubbart v. Comm'r

93 T.C.M. 870 · United States Tax Court · Feb 6, 2007

Cochran determined that petitioners did not qualify for an offer-in-compromise. … Cochran abused her discretion by establishing a deadline for the submission of information. 4.