2024-06-02
In May 2024, the Tax Court published 14 opinions, which included a total of 373 pages. Below are graphs for the month showing: (i) the top 15 code sections referenced, (ii) cases cited 4 or more times, (iii) the number of opinions by judge, and (iv) the number of pages by judge.
I am always interested in learning well-established tax principles. Often, court cases will explicitly indicate that a tax principle is well established or well settled. Or the court may concisely state the holding of a prior case in a parenthetical. Below are excerpts from the May 2024 Tax Court cases referring to these types of principles or holdings.
Estate of Anenberg v. Commr., 162 T.C. No. 9 (2024). (Toro)
See Estate of Morgens v. Commissioner, [678 F.3d 769, 771 (9th Cir. 2012)] ("The QTIP [regime] is an exception to an exception to an exception.")
Estate of Anenberg v. Commr., 162 T.C. No. 9 (2024). (Toro)
See Estate of Morgens v. Commissioner, [678 F.3d 769, 771 (9th Cir. 2012)] ("The purpose of the QTIP regime is to treat the two spouses as a single economic unit with respect to the QTIP property . . . .")
Estate of Anenberg v. Commr., 162 T.C. No. 9 (2024). (Toro)
United States v. Craft, 535 U.S. 274, 278 (2002) ("A common idiom describes property as a 'bundle of sticks'-a collection of individual rights which, in certain combinations, constitute property.")
Excelsior Aggregates, LLC, v. Commr., T.C. Memo. 2024-60. (Lauber)
Estate of Newberger v. Commissioner, T.C. Memo. 2015-246, * * * (observing that no evidence is more probative of a donated property's FMV than its direct sale price)
Excelsior Aggregates, LLC, v. Commr., T.C. Memo. 2024-60. (Lauber)
Wortmann v. Commissioner, T.C. Memo. 2005-227, * * * (finding that the most persuasive evidence of the property's FMV was the actual sale of the property 17 months before the contribution)
Parkway Gravel, Inc. v. Commr., T.C. Memo. 2024-59. (Kerrigan)
See Julien v. Commissioner, 82 T.C. 492 (1984) (finding that interest expense on alleged indebtedness incurred to purchase silver bullion was factual sham when no silver was actually purchased)
Parkway Gravel, Inc. v. Commr., T.C. Memo. 2024-59. (Kerrigan)
The sham transaction doctrine allows the IRS to disregard transactions that have no substance or economic effect. * * * In applying this doctrine, the Court looks to "objective economic realities" of a transaction, rather than a particular form employed by the parties.
Schwarz v. Commr., T.C. Memo. 2024-55. (Goeke)
See also Westbrook v. Commissioner, 68 F.3d 868, 875 (5th Cir. 1995) (stating that in order to claim a deduction under section 162, the primary purpose for engaging in the activity must be to earn a profit)
Strom v. Commr., T.C. Memo. 2024-58. (Gale)
See also Price v. Commissioner, 887 F.2d at 963 n.9 ("[I]n income omission cases, knowledge of the transaction is virtually equivalent to knowledge of the understatement.")
In May 2024, the IRS published 15 Announcements, Notices, Revenue Procedures, and Revenue Rulings, which included a total of 201 pages.
In May 2024, the IRS published 102 Written Determinations, which included a total of 621 pages.
