The Tax Court, in a reviewed opinion by Judge Chiechi, finds that a shareholder in a cooperative housing corporation may not deduct losses incurred by the co-op and distributed among the shareholders under section 165(c)(3) or section 216(a).
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Alphonso v. Commissioner, 136 T.C. No. 11 (2011)
The Federal Circuit relies upon Mayo Foundation to find for the government on the 6 year statute of limitations issue in Grapevine v. United States, Docket 08-5090 (Fed. Cir., March 11, 2011). The Grapevine rationale differs from that put forth by the same court in Salman Ranch Ltd. v. United States, No. 2008-5053 (Fed. Cir. July 30, 2009), (when it found for the taxpayer) and by the other circuits who have considered the same issue.
For commentary on this opinion visit Tax Appellate Blog.
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Grapevine v. United States, Docket 08-5090 (Fed. Cir., March 11, 2011)
The Tax Court holds that payments made to settle automobile accident claims are not deductible casualty losses.
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Pang v. Commissioner, TC Memo. 2011-55
The Tax Court (Judge Foley) finds that the extended six-year statute of limitation for fraud did not apply in a business trust case.
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Charlton v. Commissioner, TC Memo. 2011-51
The Tax Court disallows losses generated by a CARDS tax shelter (Custom Adjustable Rate Debt Structure) and affirms imposition of a 40% penalty.
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Kerman v. Commissioner, TC Memo. 2011-54
The Tax Court rules whether a number of different activities performed on real property qualify as deductible domestic production gross receipts under Section 199.
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Gibson v. Commissioner, 136 T.C. No. 10 (2011)
The District Court for the Nothern District of Indiana denies a motion for immediate appeal of 12 consolidated cases filed against FedEx Ground. The question before each of the consolidated cases was whether FedEx drivers were independent contractors or employees, the latter of which would subject the company and drivers to state and federal employment taxes.
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In re FedEx Ground, No. 3:05-MD-527 RM (N.D. Ind. Feb. 11, 2011)
The hits keep on coming. The Fifth Circuit joins the growing chorus from the Courts of Appeals holding that an overstatement of basis does not equal an omission of income and the 6 year statute of limitations does not apply.
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Burks v. United States, No. 09-11061 (5th Cir. Feb. 9, 2011)
The Fourth Circuit Court of Appeals joins two other circuits holding that the 6 year statute of limitations does not apply to an overstatement of basis.
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Home Concrete & Supply v. United States, No. 09-2353 (4th Cir. February 7, 2011)
The Tax Court determines that it has jurisdiction to determine an interest netting dispute that may result in a “refund” and decides that claim in favor of the taxpayer.
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Exxon Mobil v. Commissioner, 136 T.C. No. 5 (2011)
