Riss v. Commissioner
United States Tax Court
1. Held (on reconsideration): Challenges to T.M.E.-Riss agreement under both sec. 482 and the assignment-of-income doctrine were made too late by respondent. Respondent failed to inform petitioner in a timely manner that the bona fides of the T.M.E.-Riss agreement were being questioned.
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1. Held (on reconsideration): Challenges to T.M.E.-Riss agreement under both sec. 482 and the assignment-of-income doctrine were made too late by respondent. Respondent failed to inform petitioner in a timely manner that the bona fides of the T.M.E.-Riss agreement were being questioned. Accordingly, no part of the gain which under the T.M.E.-Riss agreement belonged to Riss can be allocated to T.M.E. 2. Held, the loss realized by T.M.E. on the sale of property used solely by T.M.E.'s shareholder as a personal residence was not deductible under sec. 165(a). International Trading Co., 57 T.C.…
1Opinion of the Court
SUPPLEMENTAL OPINION
Irwin, Judge:
In our prior opinion in this case, entered May 24, 1971 (56 T.C. 388), we held (issue one) that the gain realized on the sale by Transport Manufacturing & Equipment Co. of Delaware (T.M.E.) of 814 truck trailers should be allocated between T.M.E. and its sister corporation Riss & Co., Inc. (Riss). In addition, we did not decide (issue three) whether T.M.E. could deduct as a long-term capital loss the loss realized from the sale of the “63d Street property” in 1957 because it appeared to us that the parties had stipulated that the property was sold at a gain.
Res…
2Cases cited3 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- Riss v. CommissionerUnited States Tax Court · 1971
- International Trading Co. v. CommissionerUnited States Tax Court · 1971
3Cited by73 opinions
- Estate of Horvath v. CommissionerUnited States Tax Court · 1973
- Foster v. Comm'rUnited States Tax Court · 1983
- Seligman v. CommissionerUnited States Tax Court · 1985
- Hynes v. CommissionerUnited States Tax Court · 1980
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1991
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