In a decision that prompted a 20 page dissent, the Second Circuit reverses the Tax Court on the application of Section 2036 to the transfer of a 49% interest in a home that the donor continued to occupy.
Estate of Stewart v. Commissioner, Docket 07-5370-ag (2d Cir. August 9, 2010)
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Second Circuit affirms the Tax Court holding that capital contributions to an S Corp. are not “tax-exempt income.”
Nathel v. Commissioner, Docket 09-1955 (2d Cir. June 2, 2010)
The Second Circuit Court of Appeals affirms the District Court holding that partnership draws are wages under Section 6331, subject to administrative levy and levy enforcement.
United States v. Moskowitz, Passman & Edelman, No. 08-3017-cv (2nd Cir. Apr. 29, 10)
The United States Supreme Court reversed the Second Circuit Court of Appeals, holding that the District Court should have applied a deferential standard of review to the ERISA Plan Administrator’s interpretation of the qualified plan.
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Conkright v. Frommert, Docket 08-810 (U.S. Sup. Ct. 2010)
The Second Circuit Court of Appeals, in an opinion by Judge Calebresi, reverses the Tax Court’s decision, holding instead that trademark royalty payments which are calculated as a percentage of sales and incurred on upon the sale of inventory are currently deductible.
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Robinson Knife Mfg. v. Commissioner, Docket 09-1496-ag (2d Cir. March 19, 2010)
