Stephan v. Commissioner
United States Tax Court
An amended declaration of estimated tax was timely filed 2 months before due date of income tax returns (Form 1040), but petitioners failed to pay their estimated tax. Timely income tax returns (Form 1040) were filed, and again the petitioners were delinquent.
Read the full summary
An amended declaration of estimated tax was timely filed 2 months before due date of income tax returns (Form 1040), but petitioners failed to pay their estimated tax. Timely income tax returns (Form 1040) were filed, and again the petitioners were delinquent. Held, the 1 per cent monthly addition to tax (as provided under section 294 (d) (1) (B), I. R. C., for failure to pay installments of estimated tax declared) is not discontinued by the filing of an income tax return, but continues as long as the estimated tax is unpaid, or until the 10 per cent maximum is attained.
1Opinion of the Court
OPINION.
Black, Judge:
The petitioners timely filed a joint amended declaration of estimated tax for the fiscal year ended August 31, 194=5, on September 15, 1945, disclosing an estimated tax due of $70,000. No part of the tax was paid on September 15, 1945, on which date the estimated tax was due; no payment was made by petitioners until March 13, 1946. Each petitioner filed a separate income tax return (Form 1040) for the fiscal year ended August 31, 1945, on November 15, 1945, and petitioners paid no part of the estimated tax on that date nor did they pay any part of the tax shown to be due…
2Cited by8 opinions
- Bouche v. CommissionerUnited States Tax Court · 1952
- Stephan Et Ux. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1952
- LeVine v. CommissionerUnited States Tax Court · 1955
- Bouche v. CommissionerUnited States Tax Court · 1952
- LeVine v. CommissionerUnited States Tax Court · 1955
3 more not listed; retrieve them via the Exa API.