Case law

Prompt Foods Corp. v. Commissioner

55 T.C.M. 1397 · United States Tax Court · Jul 29, 1988

Rule 142(a). 18 *396 Unfortunately, while the record clearly establishes that some cattle existed, we are unable to determine, based on the record in this case, the extent to which the cattle were owned by Financial, the … Had petitioners acted in conformance with the agreements (which appear to be legally enforceable contracts), perhaps their activities would have qualified them for the tax results flowing from such activity.

CALARCO v. COMISSIONER OF INTERNAL REVENUE

2004 T.C. Summary Opinion 94 · United States Tax Court · Jul 20, 2004

We cannot imagine an individual better qualified for the playwriting trade than petitioner. … Clearly playwriting is something petitioner enjoys. Nevertheless, pleasure is not irreconcilable with a profit motive. Schwartz v. Commissioner, T.C. Memo. 2003- 86.

DiMichele v. Commissioner

70 T.C.M. 969 · United States Tax Court · Oct 10, 1995

made under this section for a taxable year, (B) on such return there is a substantial understatement of tax attributable to grossly erroneous items of one spouse, (C) the other spouse establishes … In Congelliere, moreover, the wife clearly had actual knowledge of her husband's activities when the tax return was signed, since her husband had already been arrested for drug trafficking.

Suwannee Lumber Mfg. Co. v. Commissioner

39 T.C.M. 572 · United States Tax Court · Nov 29, 1979

not be the dominant or controlling purpose. 38 *160 Although there are factors that support petitioner's claims (for example, it made no loans or advances to shareholders or payments for their personal use) the evidence clearly … Respondent does not deny that the salaries were for the services of experienced, highly qualified men in the industry, but questions only the quantity of services they rendered.

Jackson v. Commissioner

42 T.C.M. 1413 · United States Tax Court · Oct 14, 1981

In order to qualify under sections 212 or 167(a)(2), petitioners must show they had a "profit-seeking motive" in acquiring and holding the Spindrift condominium. Johnson v. Commissioner , supra at 814 . … This fact alone does not establish a profit motive. Accord, Jasionowski v. Commissioner , 66 T.C. 312 , 323 (1976) .

O'Connor v. Comm'r

13 T.C.M. 623 · United States Tax Court · Jun 30, 1954

His brother, a qualified construction engineer and superintendent, was employed at that time as a civilian post engineer at the United States Ordnance Depot, Tooele, Utah. … We think that petitioners have clearly demonstrated that the $5,000 bonus was, in fact, paid to petitioner's brother within 2 1/2 months following the close of their taxable year.

Sanborn v. Commissioner

46 T.C.M. 1435 · United States Tax Court · Sep 20, 1983

While it is well established that the economic substance will control the tax consequencs rather than the form, Helvering v. … To have any persuasive force, the opinion should be expressed by a person qualified in background, experience, intelligence, familiarity with the property, and with the valuation problem involved.

Sylvester v. Comm'r

37 T.C.M. 1847-79 · United States Tax Court · Nov 20, 1978

Petitioner testified with respect to the loss of a bedspread--which he said had cost him $66.78--but for which he introduced no evidence establishing its fair market value on the date of loss. … The values petitioner has assigned to these gifts are *76 clearly exaggerated, to put it mildly.

Kipnis v. Commissioner

44 T.C.M. 849 · United States Tax Court · Aug 11, 1982

[David] noted further that Chrome Company was clearly unable to pay this business debt, although Arizona Plating & Polishing Co. was attempting to recover that amount, and that the value of the receivable from Chrome Company … As petitioner concedes, to the extent that amounts paid to an employee are not "reasonable compensation," the excess amounts do not constitute "personal service income" so as to qualify for the 50 percent maximum tax.

Estate of Thompson v. Comm'r

88 T.C.M. 48 · United States Tax Court · Jul 26, 2004

Goerig and Wichorek were barely qualified to value a highly successful and well-established New York City-based company with annual income in the millions of dollars.13 In our opinion, in computing the sustainable … Such a standard clearly ignores the interplay of the myriad of complex factors and features that must be accounted for in any meaningful comparison.

Roland J. Thoma & Donna M. Thoma v. Commissioner

2020 T.C. Memo. 67 · United States Tax Court · May 27, 2020

We do not, however, agree with their claim that Exhibit 10-J, which consists of a table showing time off and sick days, “clearly shows [Mr. Thoma] was not employee”. … The total selling price of $1 million was clearly stated in the 2010 agreement. Although Mr. and Ms.

Federated Graphics Cos. v. Commissioner

63 T.C.M. 3153 · United States Tax Court · Jun 16, 1992

Only a bona fide debt qualifies for purposes of section 166. Sec. 1.166-1(c), Income Tax Regs. … It must clearly be shown that the intention of the parties was to create a debtor-creditor relationship. Clark v.

Berenbeim v. Commissioner

63 T.C.M. 2975 · United States Tax Court · May 12, 1992

The language of section 61, "all income from whatever source derived", has been held to encompass within the definition of gross income all "accessions to wealth, clearly realized, and over which the taxpayers have complete … In that case, the Supreme Court established a bright-line rule with respect to a taxpayer's filing obligation.

William E. Frazier & Mary A. Frazier

United States Tax Court · Apr 24, 2024

Second, they waived the argument that they are entitled to capital gain dividend treatment for the $1,417 amount by failing to clearly raise the argument on brief. See Mendes v. … • For qualified dividends, the $4,636 amount that the parties stipulated is $6 greater than the total amount of qualified dividends determined in the notices of deficiency, $4,630.

Indeck Energy Servs. v. Comm'r

85 T.C.M. 1128 · United States Tax Court · Apr 11, 2003

Thus, the argument apparently goes, Indeck’s unconditional obligation to purchase qualifies as indebtedness for purposes of section 163(a). Such an argument must fail. … As espoused by the Court of Appeals for the Seventh Circuit, judicial estoppel is applied only where the prior position is “clearly inconsistent” and the party to be estopped convinced the court to accept its position

Weir v. Commissioner

17 T.C.M. 781 · United States Tax Court · Aug 21, 1958

This was also established by testimony of various company officers. … Campbell, 11 T.C. 510 , and that losses resulting from such loans may qualify as a business bad debt if the loss is proximately related to such promotional business.

A. Ross Winans Grantor Trust v. Commissioner

58 T.C.M. 884 · United States Tax Court · Dec 12, 1989

Pedigree records are maintained to establish the breeding of thoroughbreds. … The substance and not the form of a transaction will determine whether a transaction qualifies for installment sale treatment. United States v. Ingalls , supra . In Connell v.

W. C. Richards Co. v. Commissioner

25 T.C.M. 884 · United States Tax Court · Jul 21, 1966

The petitioners have failed to establish that, in fact, the net cash amount, which they received out of the escrow, of the portion of the award that clearly was made to and for the benefit of the corporation, $41,568.86, … The evidence establishes that the meeting in question was held in December 1960, and this finding is made. *199 The uncontradicted testimony and letters sent to participants in the plan in December, 1960, establish that fact

Peter J. Bresson v. Commissioner

111 T.C. No. 6 · United States Tax Court · Aug 19, 1998

Jaussaud Enterprises' income tax return for the year ended February 28,  - 12 - 1991, clearly indicates taxes owed of $49,683 (which have not been paid except for a $1,603.76 payment … Irwin, 39 N.E.2d 608, 610 (Ohio 1942), in which the Supreme Court of Ohio held: A wide distinction exists between pure statutes of limitation and special statutory limitations qualifying a given right.

Hartman v. Comm'r

95 T.C.M. 1448 · United States Tax Court · May 1, 2008

The notices clearly focus on the favorable treatment and benefits given to the Thompsons. … Clearly, the conduct of the Chief Counsel attorneys in Dixon fell far short of those high standards. * * *