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).
Read the opinion here.
Alphonso v. Commissioner, 136 T.C. No. 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 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 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)
The Tax Court holds that an attempted tax-free reorganization did not meet the continuity of interest requirements of section 368.
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Ralph’s Grocery v. Commissioner, TC Memo. 2011-25
The Tax Court rules that punitive damages still are not excluded from tax.
Petitioner argued that the punitive damages received should be subject to the exclusion from income for amounts received for personal injures or sickness from health of accident insurance (Section 104(a)(3). Petitioner argued that “but for” the injury, which was covered by accident insurance and from which the proceeds were paid, the punitive damages would not have been paid. Petitioners offered the alternative argument that the damages were not punitive, but rather were “bad faith damages.” The Tax Court rejected both arguments.
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Greenberg v. Commissioner TC Memo. 2011-18
The Tax Court rules in favor of the taxpayer on the treatment of historic rehabilitation credits allocated through a partnership.
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Historic Boardwalk Hall v. Commissioner, 136 T.C. No. 1 (2011)
