Case law

Van Products, Inc. v. Commissioner

40 T.C. 1018 · United States Tax Court · Sep 24, 1963

There is no doubt whatever that petitioner’s notes could not qualify under these provisions. … character, accounts receivable, or fixed assets, particularly, as to the latter, book value may be one thing, but common experience all too clearly shows how often It may be difficult to realize more than a fraction of the

Bolt v. Commissioner

50 T.C. 1007 · United States Tax Court · Sep 30, 1968

First, there is the warming up; then there is qualifying; next there are the various heat races; then the semimain event; and, finally, the main event. … The record clearly indicates that petitioner openly engaged in racing activities. We consider that in this way petitioner did “hold himself out” as being engaged in the racing business.

Continental Illinois Corp. v. Commissioner

94 T.C. 165 · United States Tax Court · Feb 28, 1990

These elements, however, fall far short of establishing a reasonable prospect of recovery on the part of petitioner for its expropriation claims. … There are several factors that support this conclusion: (a) Clearly, petitioner had no right of setoff against Iranian deposits in the United States as long as the freeze order remained in effect.

Estate of Bartell v. Comm'r

147 T.C. 140 · United States Tax Court · Aug 10, 2016

At some point not clearly disclosed in the record, but before March 2000, Bartell Drug approached Section 1031 Services about the possibility of employing an exchange in connection with the Lynnwood property. … This general rule for nonrecognition mandates that qualifying property be exchanged “solely” for other qualifying property.

Hydraulic Press Manufacturing Co. v. Commissioner

27 T.C. 278 · United States Tax Court · Nov 9, 1956

The evidence clearly shows that prior to January 1,1940, the petitioner was committed to a course of action calling for the construction of an addition to its plant. … This reconstruction is based upon all the qualifying factors contended for in petitioner’s various applications for relief and amendments thereto, the principal qualifying factor being the commitment for increased capacity

Estate of Turner v. Comm'r

138 T.C. 306 · United States Tax Court · Mar 29, 2012

On April 15, 2002, Clyde Sr. and Jewell established Turner & Co., a Georgia limited liability partnership. Id. at 8. … it cannot be created with such qualifying assets.

Estate of Freeman v. Commissioner

67 T.C. 202 · United States Tax Court · Nov 10, 1976

During his lifetime, subsequent to the establishment of the trust, decedent received periodic payments of income from the trust. … Petitioner cannot prevail in his argument that for gift tax purposes the power received by decedent qualified as a present interest but for purposes of the estate tax decedent did not possess said power.

Neubecker v. Commissioner

65 T.C. 577 · United States Tax Court · Dec 18, 1975

established. … The record, however, clearly disproves this premise in view of the fact that Neubecker did receive some property upon dissolution of the partnership.

Carbine v. Commissioner

83 T.C. 356 · United States Tax Court · Sep 18, 1984

The point is that the course he followed was in fact clearly and reasonably related to the "conservation” of his securities, notwithstanding that he might conceivably have attained that objective in some other manner. … A payment may qualify as "necessary” if it is "appropriate and helpful.” See Commissioner v. Heininger, 320 U.S. at 471 ; Welch v. Helvering, 290 U.S. at 113 .

Hartman v. Commissioner

65 T.C. 542 · United States Tax Court · Dec 15, 1975

Regs., fills in the gap and clearly provides that where a taxpayer files no return, the deficiency can be determined as if a return was made showing the amount of tax to be zero. … Petitioner’s request that we grant him immunity is without merit, since jurisdiction to take such action is vested exclusively in the United States District Courts, and then only upon application of a United States attorney

Retired Teachers Legal Defense Fund, Inc. v. Commissioner

78 T.C. 280 · United States Tax Court · Feb 24, 1982

In order to be exempt under section 501(c)(3), an organization must qualify under both the organizational and the operational tests. Sec. 1.501(c)(3)-l(a)(l), Income Tax Regs. … Therefore, an organization must establish that it is not operated for the benefit of private interests. Sec. 1.501(c)(3)—1(d)(1)(ii), Income Tax Regs.

Yancey v. Commissioner

72 T.C. 37 · United States Tax Court · Apr 4, 1979

See sec. 214. 2 Section 152(a) provides that a child of the taxpayer qualifies as his dependent, for the purpose of the dependency exemption allowed by section 151, if more than half of the child’s support. during the taxable … The other exception provides that if the noncustodial parent provided at least $1,200 in support and the custodial parent does not clearly establish that he provided more support, the noncustodial parent shall be treated

CanadianOxy Offshore Prod. Co. v. Commissioner

100 T.C. 382 · United States Tax Court · Apr 29, 1993

DOE also established the “Tertiary Incentive Program”, which created an exemption from the price controls for a new category of exempt oil: tertiary incentive crude oil. … Petitioner qualified as an “integrated producer” within the meaning of section 4994(c)(2).

Markosian v. Commissioner

73 T.C. 1235 · United States Tax Court · Mar 31, 1980

The trust that was purportedly established was styled the “Louis R. Markosian Equity Trust” (the trust). … The dividends, interest, and capital gain do not qualify under the definition of emoluments and it is doubtful that the fee does.

Wheeler v. Commissioner

58 T.C. 459 · United States Tax Court · Jun 14, 1972

The evidence clearly establishes that prior to 1967, the year in which petitioner received the proceeds of his lawsuit, he had recovered his entire investment in the property, either through allowances for depreciation or … The law is well settled that a sale of property and repurchase of other property do not qualify for nonrecognition treatment under section 1031. Carlton v. United States, 385 F. 2d 238, 241 (C.A. 5, 1967); John M.

Messer v. Commissioner

52 T.C. 440 · United States Tax Court · Jun 16, 1969

These facts establish to our satisfaction that the corporation retained the claim and did not assign it to its stockholders. … In short, the regulations predicate continued corporate existence on the corporation’s retention of assets, and not on its “qualified” existence under State law. See J. Ungar, Inc., supra.

Kowalski v. Comm'r

65 T.C. 44 · United States Tax Court · Oct 14, 1975

Section 119 is clearly concerned with “meals in kind,” which these are not;' the legislative history mandates such a conclusion. And, as stated in section 61(a) and recognized in Commissioner v. … I think it is clear that the circumstances under which petitioner was required to take his meals were established for a substantial noncompensatory business reason of the employer in order to have petitioner and other State

AD Inv. 2000 Fund LLC v. Comm'r

142 T.C. 248 · United States Tax Court · Apr 16, 2014

Commissioner, 119 T.C. 27, 37 (2002), in which the taxpayer “asserted reliance on qualified experts as an affirmative defense to respondent’s fraud penalty allegations.” … They maintain only that their actions were lawful or that any rights violated were not clearly established.

Oak Hill Finance Co. v. Commissioner

40 T.C. 419 · United States Tax Court · May 28, 1963

so qualifying from the definition of a personal holding company. … Although it is apparent that petitioner relied heavily upon borrowed funds for its working capital, it has failed to establish whether its capitalization was adequate. Cf.

EHRET-DAY CO. v. COMMISSIONER

2 T.C. 25 · United States Tax Court · Jun 8, 1943

Therefore, in accordance with its established practice of bookkeeping, the petitioner was warranted in accounting for the profits of the contract in the year 1922. … Moreover, Day was a qualified construction engineer.