Case law

Northwestern Ind. Tel. Co. v. Commissioner

71 T.C.M. 2674 · United States Tax Court · Apr 2, 1996

This taxpayer's securities, being liquid and readily marketable, clearly were available for the business needs of the corporation, and their fair market value, net, was such that, according to the stipulation … Although reliance on the advice of qualified professional advisers may defeat a finding of negligence under certain circumstances, petitioners have not established that the reliance in the instant cases was reasonable.

Agnes McCue, Addressed as the Transferee of the Estate of John J. Nolan v. Commissioner

5 T.C.M. 141 · United States Tax Court · Mar 4, 1946

And clearly, also, some $300,000 worth of bonds were sold and paid for at the time, as the bank records show by the phrase "credit checks". … As to those properties transferred to her in contemplation of death she is *374 clearly a transferee.

Glass v. Commissioner

87 T.C. 1087 · United States Tax Court · Nov 17, 1986

In addition, a straddle may be established by separately executing the legs at different times. … Yet the evidence in this case clearly demonstrates that contangos were adjusted by the brokers in order to arrive at a predetermined outcome.

Levine v. Commissioner

54 T.C.M. 1277 · United States Tax Court · Dec 10, 1987

Both individuals are well qualified in their respective fields, but the written reports and the testimony of neither expert is entirely satisfactory. Dr. … When they made their later purchases they knew even more clearly that their operations were not succesful.

McDonough v. Comm'r

92 T.C.M. 386 · United States Tax Court · Nov 1, 2006

Among the requirements for judicial estoppel to be invoked, a party’s current litigating position must be “clearly inconsistent” with a prior litigating position. Id. at 750-751. … Cochran determined that petitioner did not qualify for an offer-in-compromise.

Ginsburg v. Commissioner

33 T.C.M. 814 · United States Tax Court · Jul 29, 1974

Respondent disallowed this claimed loss with the explanation that it had not been established that the stock became worthless in 1969. … Petitioners contend that the only purpose for the formation of, and the only purpose served by, Highway 67 was to hold a piece of investment property and that clearly Highway 67 was not in the trade or business of selling

Ridge L. Harlan and Marjory C. Harlan v. Commissioner

116 T.C. No. 4 · United States Tax Court · Jan 17, 2001

We concluded from this that the taxpayer-wife failed to qualify for relief from joint liability under the law then in effect. See id. at 589. … This was established before 1958, when the Supreme Court ruled in Colony, Inc.

Bealor v. Commissioner

72 T.C.M. 730 · United States Tax Court · Sep 25, 1996

claimed by petitioner partners exceed their bases in the partnerships; whether the partners were at risk with respect to certain notes they issued; and whether the cash method of accounting selected by the partnerships clearly … Petitioners here have failed to establish that their employee leasing transactions had economic substance similar to the arrangement in Frank Lyon.

Hart Schaffner & Marx & Subsidiaries v. Commissioner

44 T.C.M. 184 · United States Tax Court · Jun 21, 1982

Intent of the Parties The parties clearly intended that the transaction be a sale and consistently treated it as such. … Accordingly, PHS was formed in lieu of attempting to qualify Field Enterprises in each of the states and the problems which could have arisen with respect to its failure to qualify were considered.

Serot v. Commissioner

68 T.C.M. 1015 · United States Tax Court · Oct 24, 1994

He was known in the community as an individual willing to make loans to those unable to qualify for bank loans. … Petitioner is required to maintain records establishing his gross income, not just his losses. Sec. 6001; sec. 1.6001-1, Income Tax Regs.

Hooks v. Commissioner

3 T.C.M. 899 · United States Tax Court · Aug 22, 1944

that to qualify as a reorganization within section 112(g)(1), the reorganization must serve a reasonable business purpose, Gregory v. … Moreover, the plan of recapitalization clearly meets respondent's other two tests. In this connection it must be remembered we are considering a "recapitalization".

Michael T. Caracci and Cindy W. Caracci v. Commissioner

118 T.C. No. 25 · United States Tax Court · May 22, 2002

Medicare was established in title XVIII of the Social Security Act, Pub. … The market approach establishes the value of a privately held corporation through analyses of sales or transfers of guideline companies.

Estate of Leon Israel, Jr., Barry W. Gray, and Audrey H. Israel v. Commissioner

108 T.C. No. 13 · United States Tax Court · Apr 1, 1997

Holly typically, in the following year, closed the gain legs of the straddle transactions by offset in order to qualify the gain as capital gain. … This is illustrated clearly in Appendix A-1 hereto under the caption "Straddles Opened And Closed -- 1980".

U. S. Equipment Co. v. Commissioner

22 T.C.M. 1309 · United States Tax Court · Sep 26, 1963

Nothing in the record in the Gale case established an industry-wide custom of identifying the principal individual of the company with the company name. … Yet this important custom was, as shown by this record, clearly present with respect to the *126 U.S. Equipment Company and George Simon.

Requard v. Commissioner

25 T.C.M. 732 · United States Tax Court · Jun 23, 1966

In that agreement a new profit-loss sharing proportion was established effective as of September 8, 1954. … The Requards quite clearly were looking to the sale or redemption of ground rents as a principal source of business profits.

Rosenthal v. Commissioner

29 T.C.M. 1521 · United States Tax Court · Nov 30, 1970

However, petitioner has failed to overcome the evidence introduced by respondent (over his objections) which clearly establishes that each one of the transactions in issue was a sham. … That clearly was so in transactions 2, 3, and 4.

Frazier v. Commissioner

68 T.C.M. 253 · United States Tax Court · Jul 27, 1994

FSB and its employees might well *403 have an interest in recruiting well-qualified young men and women to come into its management ranks. … Under section 446(b) , respondent has "broad powers of determining whether accounting methods used by a taxpayer clearly reflect income". Commissioner v.

Boise Cascade Corp. v. Commissioner

33 T.C.M. 1443 · United States Tax Court · Dec 26, 1974

, Harris, Neville Co., a subsidiary of Boise Cascade, acquired an interest in property located in Yakima, Washington, and Koret of California, Inc., acquired an interest in property located in San Francisco, California, qualifies … Koret desired to obtain a parcel of property owned by Ames, Harris in San Francisco in order to establish a production operation, and on June 12, 1961, submitted an offer to purchase the San Francisco property for $370,000

McKenna v. Commissioner

75 T.C.M. 1702 · United States Tax Court · Feb 5, 1998

The facts clearly show that petitioner concealed substantial amounts of income by his actions. During the civil examination by Ms. … Petitioners' understatements do not qualify for any reductions under this definition. Accordingly, respondent's determination on this issue is sustained.

Tucker v. Commissioner

46 T.C.M. 928 · United States Tax Court · Aug 4, 1983

The evidence before the Court clearly presents a pattern of conduct that establishes Hawthorne's fraudulent intent. … By design, Delano was established as the "dummy head" of D & H.