Case law

Smoot v. Commissioner

61 T.C.M. 2897 · United States Tax Court · Jun 11, 1991

The purchase agreement required petitioner to warrant that in making his investment decision, he relied solely upon an independent investigation made by him or his duly appointed or qualified representative. … Petitioner relies in part on expert testimony to establish the equipment's value in December 1983, the amount of anticipated rental income, and the residual value upon lease termination.

Allied Stores Corp. v. Commissioner

19 T.C.M. 1149 · United States Tax Court · Sep 30, 1960

In our opinion, the preponderance of the evidence of record clearly establishes the foregoing conclusions and findings of ultimate facts. … The uncontradicted testimony of well qualified witnesses supported by documentary evidence establishes to our satisfaction that *132 the Rollman leases were without value and constituted a definite liability on October 31

Feldman v. Commissioner

61 T.C.M. 2341 · United States Tax Court · Apr 4, 1991

Other parts of the Second Decree clearly provide for property settlement, but they are not related to the part of the decree that provides for the $ 450 weekly payments. … In the instant case, Medi-Serv ceased doing business in 1977, which, under the criteria listed above, *200 qualifies as an "identifiable event".

Mel T. Nelson v. Commissioner

110 T.C. No. 12 · United States Tax Court · Feb 19, 1998

In that regard, it is well established that a specific statutory provision will override a general provision. Bulova Watch Co. v. United States, 365 U.S. 753 (1961); D. Ginsberg & Sons, Inc. v. … Furthermore, we reject petitioner's contention that the exclusion for income from the discharge of qualified real property business indebtedness in section 108(a)(1)(D) is, in effect, an ex post facto exception to the

Pehlke v. Commissioner

37 T.C.M. 1088 · United States Tax Court · Jul 10, 1978

While petitioners' expert witness was well qualified as a securities analyst and had testified as an expert in a number of cases, we do not accept the opinion he gave in this case. … Luksch for the fees paid to VTC, but clearly the payment was sufficient to pay adequate salaries to Mr. Pehlke and Mr.

Marshall v. Commissioner

56 T.C.M. 618 · United States Tax Court · Nov 10, 1988

This transaction thus yielded an annual net loss to petitioner of $ 300 per set -- clearly not a profit-making situation. … Petitioner, moreover, possessed no expertise or experience in regard to advertising displays, nor did he consult with any qualified person in regard to such property.

Estate of Sawczak v. Commissioner

65 T.C.M. 2641 · United States Tax Court · May 17, 1993

Respondent has met her burden as to the underpayments for each year at issue (except as qualified as to 1985). B. Fraudulent Intent 1. … Clearly, the 1986 figures provided to Jaclyn Tedamonson were based upon the December receipts added to the year's running total ($ 148,911.74) appearing on the November 1986 calendar sheet.

Blunt v. Commissioner

25 T.C.M. 1445 · United States Tax Court · Dec 30, 1966

Petitioners offered the testimony and appraisal report of a qualified real estate appraiser from Colorado Springs who had examined the property and gave his opinion that the fair market value of the mortuary building as of … Evelyn clearly owned a part interest in the building and we have been shown nothing which would entitle Harry to any depreciation with respect to her interest.

Andrews v. Commissioner

41 T.C.M. 1533 · United States Tax Court · May 20, 1981

residence, (D) of meals and lodging while occupying temporary quarters in the general location of the new principal place of work during any period of 30 consecutive days after obtaining employment, or (E) constituting qualified … Such fees were clearly *534 an ordinary and necessary expense of holding the townhouse for rent, and therefore, we hold that such amount is deductible.

Erfurth v. Commissioner

53 T.C.M. 767 · United States Tax Court · May 5, 1987

There is no clearly defined test for resolving this question. … The record does not establish when or how petitioners paid off that loan.

Universal Research & Dev. Partnership No. 1 v. Commissioner

62 T.C.M. 661 · United States Tax Court · Sep 5, 1991

Through April 1983, little progress was made on A-40 other than locating and purchasing equipment and finding engineers qualified to work on Omega's projects. … We need not determine whether this difference could have been deductible under section 162, since section 174 clearly contemplates that it was deductible under its provisions.

Kenner v. Commissioner

33 T.C.M. 1239 · United States Tax Court · Oct 21, 1974

The first item is clearly not an allowable deduction of the Hospital for 1955 because its very name indicates that it was not an expense accrued during that year. … As to the $ 358.50 of possible earnings and profits for 1957, this amount will clearly be wiped out by the interest on the deficiencies determined herein for 1955 and 1956.

Massingill v. Commissioner

71 T.C.M. 2651 · United States Tax Court · Mar 28, 1996

We recognize that the fact that the taxpayer devoted less than full time to the activity does not necessarily indicate the lack of a profit objective, where the taxpayer employs competent and qualified persons to carry … Hard work alone is not enough to establish a profit-seeking objective. Feldman v. Commissioner, T.C. Memo. 1986-287.

Frederick S. Pendleton v. Commissioner

5 T.C.M. 571 · United States Tax Court · Jun 18, 1946

Pendleton, so that the latter could qualify as an officer of the corporation. Shortly after receiving his 2,230 shares, Frederick Pendleton gave 67 shares as gifts to various heads of departments of the corporation. … Flinchbaugh, 1 T.C. 653 . *186 Petitioner Mayes has not established that his omission was due to reasonable cause and not due to willful neglect. See George S. Groves, 38 B.T.A. 727 , 738 .

Paramount Clothing Co. v. Commissioner

38 T.C.M. 261 · United States Tax Court · Feb 27, 1979

He has had long and impressive experience in these areas, and was well qualified to testify with respect to these fields, as indicated below. A. From 1954 through 1973 Decker held several executive positions with L. … We think the evidence in this record clearly establishes the reasonableness of the compensation paid for the valuable services performed for petitioner by Marvin and Daniel Goldman during the years in question.

Bromley v. Commissioner

23 T.C.M. 1936 · United States Tax Court · Dec 9, 1964

It must be clearly understood that on all machines shipped to Yokohama, Japan, the freight will be prepaid by Service Games Inc.Panama. … It takes the filing of a return signed by her or by her qualified agent to start the running of the statute of limitations, sec. 6011, Internal Revenue Code of 1954 ; sec. 1.6011-1, Income Tax Regs.

Full Serv. Beverage Co. v. Commissioner

69 T.C.M. 2221 · United States Tax Court · Mar 27, 1995

Browne $ 1 million, and we find that the consulting and noncompetition agreements were established as a means by which Mr. … Petitioner has clearly not met this burden. *160 Issue 3.

Stark v. Commissioner

45 T.C.M. 22 · United States Tax Court · Nov 4, 1982

Clearly, there was no expectation of repayment and those payments did not constitute loans to EUCC. … While the record establishes that petitioner wanted a new source of income and did not want to continue the extensive travel that he had engaged in in his earlier career, the record does not establish that petitioner was

Santulli v. Commissioner

70 T.C.M. 801 · United States Tax Court · Sep 26, 1995

Based on the facts presented, P has not established that there was any realistic possibility that he would be subject to economic loss as a result of his long-term notes. 2. … Petitioner clearly paid very little attention to the activities once they were up and running and his risk of personal liability had been eliminated, or at least postponed.

U.S. Bancorp and Its Consolidated Subsidiaries v. Commissioner

111 T.C. No. 10 · United States Tax Court · Sep 21, 1998

An expenditure incurred in a taxpayer's business may qualify as ordinary and necessary under section 162 if it is appropriate and helpful in carrying on that business, is commonly and frequently incurred in the type of … In such a case the termination fee is clearly deductible in the year  - 14 - incurred, as there is no second lease raising the possibility that the lessee will realize significant future