Case law

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.

Dunne v. Comm'r

95 T.C.M. 1236 · United States Tax Court · Mar 12, 2008

Petitioners also concede that petitioner Elizabeth Dunne does not qualify for innocent spouse relief under sec. 6015 for 1999. … Clearly, Mr. Dunne and Mr. Marcus intended a sale to occur at some point, but they did not set any concrete terms or make any binding agreement.

Corona v. Commissioner

64 T.C.M. 196 · United States Tax Court · Jul 16, 1992

In the report, FDIC noted the suspensions of petitioner and his father from their positions with SSB and emphasized the need for the directors to install a qualified management team. … Petitioner has shown neither the bankruptcy, cessation from doing business, liquidation of SSB, appointment of a receiver for SSB, nor any other event that clearly limited or destroyed in 1984 the potential value of his SSB

A. T. Williams Oil Co. v. Commissioner

42 T.C.M. 851 · United States Tax Court · Aug 26, 1981

Third, petitioner asserts that respondent has failed to meet his burden of proof for establishing a credit cycle. … Respondent clearly did not seek to vary the stipulation when he requested consideration of petitioner's credit cycle.

Estate of Trompeter v. Commissioner

75 T.C.M. 1653 · United States Tax Court · Jan 27, 1998

When stock is listed on an established securities market, the stock's value usually equals its listed market price. … Case law establishes a two-part test for determining whether a transfer of money qualifies as debt. First, repayment of the purported debt cannot be contingent upon a future event.

Stone v. Commissioner

71 T.C.M. 3020 · United States Tax Court · May 22, 1996

In 1975 he established his own full service accounting practice, Romito & Tomasetti. … - 23 - The offering materials clearly stated that there was no established market for leasing or operating the recyclers.

Owens v. Commissioner

41 T.C.M. 1312 · United States Tax Court · Apr 22, 1981

It is beyond question that petitioners made a charitable contribution in 1974 to the Salvation Army and that the Salvation Army qualifies as a charitable organization under section 170(c)(2)(B) . … The taxpayer's failure to satisfy his burden of proof as to the incorrectness of the deficiency *568 does not establish fraud. Drieborg v.

Raymond P. Corkrey and Megan B. Flom-Corkrey v. Commissioner

115 T.C. No. 29 · United States Tax Court · Oct 24, 2000

On November 30, 1990, the Center established an account for petitioner for his 1988 taxable year by preparing a substitute for return. … MacKay information clearly showing the discrepancy in wage income from the school. For nearly 4 years thereafter petitioner took no action to remedy the situation.

Oglethorpe Power Corp. v. Commissioner

60 T.C.M. 850 · United States Tax Court · Sep 24, 1990

For property to be deemed "qualified leased property" under the provisions of section 168(f)(8)(D)(ii) , it must have been leased within 3 months after such property was placed in service. … The test period is necessary in order to establish the operational readiness of the unit.

Hunt v. Commissioner

37 T.C.M. 646 · United States Tax Court · Apr 18, 1978

A separate bank account for Jasmine was established in January 1973 for the business. Sales in 1972 and 1973, however, were made in the name of petitioner, GHFD, or George Hunt Top Soil. … This testimony and other evidence of record show quite clearly that petitioner acquired the Estes-Mahon tract primarily *378 to obtain a source of landfill.

Wacker v. Commissioner

40 T.C.M. 1009 · United States Tax Court · Aug 19, 1980

of sale and instead to "clearly reflect income" during the years following the sale. … The evidence in the record fails to establish that the survey expenditures were recurring in nature and resulted in a benefit generally realized and exhausted within one year.

Stevens Techs., Inc. v. Comm'r

107 T.C.M. 1067 · United States Tax Court · Jan 27, 2014

-20- [*20] Information to be presented at STI IRS Collection Due Process Hearing Section 1: Evidence that taxpayer suffered severe emotional and physical distress that prevented capacity to think clearly … According to Stevens, this practice allowed the company to qualify as a woman- owned business and receive favorable treatment in procuring government contracts.

McIntosh v. Commissioner

26 T.C.M. 1164 · United States Tax Court · Nov 17, 1967

For its fiscal year 1959, McIntosh Co. qualified as a small business corporation under the provisions of subchapter S of the Internal Revenue Code of 1954. All of McIntosh Co.' … This is clearly not a proper balance sheet adjustment. Petitioners also propose to adjust the company's balance sheet by treating the advances from William, Sr., as equity capital rather than a liability.

Stout v. Commissioner

18 T.C.M. 83 · United States Tax Court · Jan 30, 1959

He was a well qualified accountant and enjoyed a good reputation. He performed, or supervised, the work done by the firm for the petitioner. … Clearly the record does not support the view that the stock was issued to Southern.

Cox v. Commissioner

45 T.C.M. 333 · United States Tax Court · Dec 15, 1982

In order for petitioner to qualify for the relief provided by the statute, the following statutory conditions must be satisfied for the taxable year in issue: *33 SEC. 6013(e) . … Petitioner was clearly incapable of living up to Vickie's hopes for him of running a business.

Bennett v. Commissioner

71 T.C.M. 1737 · United States Tax Court · Jan 22, 1996

losses of $20,510, a substantial transaction clearly requiring careful investigation under the Anderson case. … The records in these cases do not establish an abuse of discretion on the part of respondent but support respondent's position.

Paullus v. Commissioner

72 T.C.M. 636 · United States Tax Court · Sep 17, 1996

The schematics associated with the offer included the statement that the proposed transaction appeared to qualify for a section 1031 exchange. … Consequently, the issue is clearly drawn, and we focus on the characterization of the unit 10 property held by Ridgemark. 1.

Estate of George Cornelius Mills v. Commissioner

5 T.C.M. 768 · United States Tax Court · Aug 30, 1946

Findings of Fact Petitioner is the duly qualified administrator of the estate of George C. Mills, who died intestate on October 21, 1943, a resident of Lamont, Florida. Decedent was born on January 25, 1873. … He was *106 putting four of his children "on their own feet," so to speak, when he undertook to establish a second home and family for himelf.

Hamilton v. Commissioner

33 T.C.M. 463 · United States Tax Court · Apr 17, 1974

Therefore, to whatever extent frequency of sales is a factor to be considered it is clearly a factor favoring petitioner's view of the transaction here involved. In Robert W. … They were also made as frequently as the price range established by petitioner would permit.

Shelhorse v. Commissioner

40 T.C.M. 33 · United States Tax Court · Mar 31, 1980

To establish that the net worth increases resulted from a taxable source, respondent has to either negate nontaxable sources or establish a likely source, not necessarily both. … The invoice of sale from Sewickley Sales & Service, Inc., clearly shows that the payment was by check (singular) for $1,859.70, plus the trade-in, and the affidavit of Robert P.