Case law

Lawrence F. & Sara L. Peek v. Commissioner

140 T.C. No. 12 · United States Tax Court · May 9, 2013

However, IRAs are subject to special rules, including the provision in section 408(e)(2)(A)6 that an account ceases to qualify as an IRA if “the individual for whose benefit any individual retirement account is established … A taxpayer investing through a Roth IRA does not exclude qualifying contributions to the Roth IRA from income, but once in the Roth IRA, investments grow tax free and qualifying distributions from the Roth IRA are not subject

Goldman v. Commissioner

46 T.C. 136 · United States Tax Court · Apr 25, 1966

The burden was on petitioner to establish the fair market value of the books. Petitioner used a fair market value of approximately $10 a volume in computing liis charitable deduction. … He is clearly right. Such payments do not qualify as charitable contributions. A raffle is generally held to be within the general definition of a lottery.

Estate of Gardner v. Commissioner

82 T.C. 989 · United States Tax Court · Jun 25, 1984

Aleen Macy is the duly qualified executrix and resided in Mattoon, Ill., at the time she filed the petition herein. Decedent’s estáte tax return was due to be filed by August 14, 1980. Sec. 6075(a). … For the reasons stated above, we hold that respondent’s denial of an extension of time for filing is not immune from review in this Court.

Estate of Pullin v. Commissioner

84 T.C. 789 · United States Tax Court · May 1, 1985

Respondent has not argued that they would be personally liable and the regulations clearly and properly do not provide for personal liability. … I would sustain the validity of the regulation, and not upset established procedures which have been followed and accepted in the past.

McDonald v. Commissioner

52 T.C. 82 · United States Tax Court · Apr 16, 1969

Thus, section 302(b) (5) and the legislative history make clear that a redemption resulting in a substantial change in ownership or a termination of interest may qualify under section 302(b) (1) even though it does not come … The record in this case establishes clearly that the redemption was merely a step in the plan of Borden for the acquisition of E & M, so that it is the results of the plan that are significant to us. Howard P.

Merrill Lynch & Co. v. Comm'r

120 T.C. 12 · United States Tax Court · Jan 15, 2003

Because the record clearly established that the redemption of the taxpayer’s stock was part of an overall plan to terminate his entire interest in his closely held corporation, this Court held that the redemption was either … Clearly petitioners’ decision to donate the preferred stock has not been shown to be in any way fixed or binding.”).

Fraser v. Commissioner

64 T.C. 41 · United States Tax Court · Apr 15, 1975

In our opinion, the record in this case clearly establishes that petitioner at all times had an inchoate right or “option” pursuant to a verbal agreement to become a partner in B & D Properties pursuant to an agreement with … In conclusion, the testimony of all of the parties clearly establishes that petitioner had an option to participate in the development of the Northpoint property.

R. E. Moorhead & Son, Inc. v. Commissioner

40 T.C. 704 · United States Tax Court · Jul 2, 1963

In Latimer-Looney Chevrolet, Inc., supra, relied on by petitioner, the taxpayer established to our satisfaction that the automobiles there in question were used in its business and were not held primarily for sale to customers … Second, two of the stipulated exhibits included in the findings of fact quite clearly indicate that depreciation was taken in prior years and allowed.

General Tire & Rubber Co. v. Commissioner

29 T.C. 975 · United States Tax Court · Feb 27, 1958

The taxpayer seeks to qualify for relief under section 721 (a) (2) (C) on the basis of a class of income resulting from conducting research and development of tangible property during the period 1981 to 1940. … It was the first product which met the specifications of end users, established in 1932 and 1933.

Hackl v. Comm'r

118 T.C. 279 · United States Tax Court · Mar 27, 2002

Hence, even the first receipt of income prong has not been established on the facts before us. … Commissioner, 93 T.C. 181, 195 (1989) (holding that stipulations are properly disregarded where clearly contrary to evidence contained in the record).

Bennion v. Commissioner

88 T.C. 684 · United States Tax Court · Mar 26, 1987

A third party may be included within both of these provisions at once, but need not be. * * * ” Because the bank clearly was the creditor of Matrix (who qualifies as “the promisee or some other person”) and because the guarantee … The bank therefore qualifies as an intended third-party beneficiary and could sue the joint venture directly for payment of the bank loan. See also Fleck v.

Grant-Jacoby, Inc. v. Commissioner

73 T.C. 700 · United States Tax Court · Jan 16, 1980

In that case, the petitioner established an educational benefit plan, whereby the qualifying children of its key employees would receive cash benefits while attending a college or university. … In this respect, its only argument was that the plan was established for and served substantial business purposes.

Cleveland v. Commissioner

34 T.C. 517 · United States Tax Court · Jun 20, 1960

with January 1, 1955, and a detailed annual account of expenditures for experimentation, and to submit such records and account to Cleveland on or before February 1 of the succeeding year. 7) Nothing contained herein shall qualify … Should he have intended to establish a partnership or joint venture relationship with Kerla, it is reasonable to expect that their agreement would clearly express such an intention.

De Martino v. Commissioner

88 T.C. 583 · United States Tax Court · Mar 12, 1987

Thus, the Crude Oil Straddle simply did not fall within the definition of “straddle” established by section 6621(d). … Since no citizen enjoys immunity from those burdens, retroactive application of the tax laws does not necessarily infringe on due process. See Welch v.

FMC Corp. v. Commissioner

100 T.C. 595 · United States Tax Court · Jun 24, 1993

If the statutory language is unambiguous, it is controlling unless Congress has clearly expressed a contrary intention. Id. at 963-964 . … The record does not indicate clearly the form through which these sales occurred.

Pepcol Mfg. Co. v. Commissioner

98 T.C. 127 · United States Tax Court · Feb 5, 1992

These factors resulted in the inability of boxed-beef fabricators to utilize or dispose of the entire volume of animal bones through established commercial channels. … II, 79 Stat. 992 (1965), which clearly indicates that solid waste includes animal bones.

O'Brien v. Commissioner

46 T.C. 583 · United States Tax Court · Aug 10, 1966

He has established adequate cash reserves so as to maintain the value of the trust corpus as certain trust assets depreciate in value. … Darling, 43 T.C. 520 (1965), which we believe is clearly distinguishable on its facts. A close reading of the Darling case shows that any similarity between it and the instant case is superficial.

Omaha Aircraft Leasing Co. v. Commissioner

74 T.C. 251 · United States Tax Court · May 13, 1980

In 1972 and 1973, certain changes were made with respect to the loans outstanding to the sister corporations: (1) Petitioner established a due date of December 31,1982; (2) petitioner raised the interest rate from 9 percent … There is no dispute between the parties that petitioner qualifies as a personal holding company under section 542(a).

Cupp v. Commissioner

65 T.C. 68 · United States Tax Court · Oct 14, 1975

The Secretary of Treasury, et al., 5 an unreported case (W.D.Pa. 1973, 34 AFTR 2d 74-5302, 74-2 USTC par. 9610 ), the court dismissed the plaintiffs action which attempted to establish the unconstitutionality of the graduated … Clearly there was no violation of the “due process” clause of the fifth amendment by respondent.

Estate of Rockefeller v. Commissioner

83 T.C. 368 · United States Tax Court · Sep 24, 1984

These provisions clearly would allow all of the ordinary and necessary expenses paid by Mr. Rockefeller in carrying on the work of the Office of Vice President. Frank v. … In these cases, the Court allowed deductions for job-counseling agency fees incurred by employees in seeking work in their established fields of employment.