Case law

Larry G. and Maria A. Walton Mitchell v. Commissioner

131 T.C. No. 15 · United States Tax Court · Dec 15, 2008

benefits payable with respect to a participant under a plan; (2) clearly specifies facts required by section 414(p)(2); and (3) does not alter the amount or form of the plan benefits. … Are courts to read section 7463(b) as prohibiting the use of our decisions in S cases to establish this jurisdictional prerequisite when those decisions are explained by summary opinions? The answer is “no.”

Niederkrome v. Commissioner

15 T.C.M. 1312 · United States Tax Court · Nov 16, 1956

Whatever the legal consequences, it is established that his funds were blocked in Canada. … Clearly, the loan was made to E. Royce. He and Bentson signed the note as co-makers.

Blumenthal v. Commissioner

22 T.C.M. 1360 · United States Tax Court · Sep 30, 1963

One of the principal of such limitations, established beyond the need for citation, is that capital expenditures are not deductible. As we explained in Robert L. … The first involved expenses incurred in collecting royalty payments, which were as clearly related to ordinary income items as the expenses here in question are capital in nature.

Fidler v. Commissioner

11 T.C.M. 1128 · United States Tax Court · Nov 21, 1952

Respondent, in his notice of deficiency, disallowed the deductions claimed in each *48 year upon the ground that "said amounts do not qualify as proper deductions under the provisions of section 23(u) of the Internal Revenue … While it is true that an individual may engage in more than one business, he has not established that he did so. He made an investment in the literary properties with the hope or expectation of selling them at a profit.

Marco S. Marinello Associates, Inc. v. Commissioner

34 T.C.M. 392 · United States Tax Court · Mar 25, 1975

Prior decisions leave little doubt that Associates failed to meet either prerequisite established by the regulations for the consideration of applications for extension. … Even though Associates may have acted in good faith throughout the time period here involved in seeking to fulfill the conditions of section 1033 , respondent is entitled to insist that parties seeking to qualify for statutory

BankAmerica Corporation, as successor in interest to Continental Bank Corporation, as successor in interest to Continental Illinois Corporation v. Commissioner

109 T.C. 1 · United States Tax Court · Jul 15, 1997

Commissioner, supra, cited by respondent, is clearly distinguishable. … United States, supra, is clearly distinguishable.

Pearlstein v. Commissioner

58 T.C.M. 699 · United States Tax Court · Nov 16, 1989

Wyatt Associates The Wyatt partnership was nominally established on January 30, 1973, as a Washington, D.C. limited partnership for the purpose of engaging in the equipment-leasing business. … Each expert was qualified to appraise the fair market value and residual value of the equipment.

Johnson v. Commissioner

36 T.C.M. 1780 · United States Tax Court · Dec 27, 1977

It *21 was also concluded that Lumber Co., because of its established position in the building materials business, would be the natural marketing agent of the roofing product. … We have indicated that we do not believe those factors outweigh the evidence that at the outset the parties clearly intended the advances to be loans.

Schrott v. Commissioner

57 T.C.M. 981 · United States Tax Court · Jul 19, 1989

The burden of establishing that the insolvency exception applies is upon petitioners. Welch v. Helvering , 290 U.S. 111 (1933) ; Rule 142(a) . … It is well established that the business of a corporation is not that of its shareholders, officers, or employees. See, e.g., Whipple v.

Gardner v. Comm'r

108 T.C.M. 71 · United States Tax Court · Jul 28, 2014

Despite petitioner’s adamant testimony, the 24 promissory notes clearly state that they are secured only by his cattle, not by any personal liability of petitioner. … Furthermore, petitioner has only established $54,618 of payments towards the principal of the notes.

Estate of Folks v. Commissioner

43 T.C.M. 427 · United States Tax Court · Jan 29, 1982

Respondent has conceded that the net asset value of Lumber Realty, as established by petitioner's expert witness, Harry H. … Rogers is significantly more qualified than Mr. Rodwin to value properties located in Nassau and Suffolk Counties, New York. For instance, whereas Mr.

Water Resource Control v. Commissioner

61 T.C.M. 2102 · United States Tax Court · Mar 6, 1991

Accordingly, WRC does not qualify as an association taxable as a corporation under section 7701(a)(3) . We hold for respondent on this issue. 21 *174 B. … Carol's testimony and petitioners' brief insist that the loan was in the amount of $ 265,000, even though the checks from IBS ($ 100,000 and $ 160,000) clearly added up to only $ 260,000.

Harbor Cove Marina Partners Partnership, Robert A. Collins, A Partner Other Than The Tax Matters Partner v. Commissioner

123 T.C. No. 4 · United States Tax Court · Jul 15, 2004

Collins reported on the Form 8082 that his share of HCMP’s qualified nonrecourse  - 15 - financing was $1,350,000 as of December 31, 1998. … The regulations interpreting section 708(b)(1)(A) establish a liberal approach to a finding of a business nexus sufficient not to terminate a partnership.

Nestle Holdings v. Commissioner

70 T.C.M. 682 · United States Tax Court · Sep 14, 1995

Petitioner leveraged itself to acquire Carnation, an established entity with an established cash-flow and valuable assets. … Petitioner argues that royalty rates rise as brands become established and that the more established brands command substantial royalties.

Estate of Maggos v. Commissioner

79 T.C.M. 1861 · United States Tax Court · Apr 11, 2000

Hite to be a credible, truthful, and 15 Petitioner filed a motion for summary judgment in this Court claiming “that the record shows clearly that Ms. … , and therefore the postulated election would not be 22 Sec. 338(d)(3) provides: (3) Qualified stock purchase.

American Credit Corp. v. Commissioner

32 T.C.M. 122 · United States Tax Court · Feb 13, 1973

After investigating the possibility of purchasing a going factoring business, Home decided to enter the commercial factoring business on its own and inquired through banking connections as to a qualified person to employ … Thereafter, it proceeded to acquire various other companies, most of which were well-established.

Sundrup v. Comm'r

100 T.C.M. 403 · United States Tax Court · Nov 16, 2010

That stipulation is clearly contrary to the facts that we have found are established by the record, and we shall disregard it. See Cal-Maine Foods, Inc. v. Commissioner, supra at 195. … Those erroneous stipulations are clearly contrary to the facts that we have found are established by the record in these cases.

Strong v. Commissioner

73 T.C.M. 2141 · United States Tax Court · Mar 3, 1997

Also, Brent Gindel’s testimony clearly contradicted petitioner’s testimony. … In order to qualify for relief under this provision, petitioner must establish that (1) at one time he possessed adequate records and  - 25 - (2) his present lack of records is due to fire

Hart v. Commissioner

46 T.C.M. 530 · United States Tax Court · Jun 20, 1983

One of the components of Rhoades' plan involved the establishment of a foreign situs trust on behalf of petitioner. … Thus, although Steelwood was issued a permit by the state of California on October 10, 1974, qualifying it to issue 200,000 shares of non-voting common stock, it was not until November 15, 1974, that the Liberian Minister

AFFILIATED FOODS, INC. v. COMMISSIONER

72 T.C.M. 1226 · United States Tax Court · Nov 7, 1996

Overall, the record is inadequate to establish whether these amounts were paid as a rebate, a return of cooperative profits, or some other payment. Unlike the taxpayers in Seven-Up Co. v. … To qualify for deduction under section 162(a), an item must (1) be paid or incurred during the taxable year, (2) be for carrying on any trade or business, (3) be an expense, (4) be a necessary expense, and (5) be an ordinary