Petterson v. Commissioner
United States Tax Court
Original deficiency in income tax liability held proper base for computing 50 per cent fraud penalty, despite later reduction in tax deficiency due to loss carry-back from subsequent year. Nick v. Dunlap (C. A. 5), 185 F.2d 674, followed.
1Opinion of the Court
OPINION.
Opper, Judge:
A deficiency for 1947 in addition to tax on account' of fraud in the amount of $4,475.32 is the sole controversy. There is no question as to the existence of fraud and the sole issue is one of law. It is whether the amount of the 50 per cent fraud penalty is to be computed on the original deficiency or on the smaller sum admittedly reduced by a net loss carry-back from a subsequent year.
All of the facts have been stipulated and are hereby found accordingly. Petitioners’ returns for 1947 and for 1949, the net-loss year, were filed with the collector for the district of…
2Cases cited2 opinions
- Manning v. Seeley Tube & Box Co.Supreme Court of the United States · 1950
- Joseph L. Kamosky, and Joseph G. Kamosky, a Minor, by Joseph L. Kamosky, Guardian v. Owens-Illinois Glass CompanyCourt of Appeals for the Third Circuit · 1950
3Cited by33 opinions
- Breman v. CommissionerUnited States Tax Court · 1976
- Auerbach Shoe Co. v. CommissionerUnited States Tax Court · 1953
- Bennett v. CommissionerUnited States Tax Court · 1958
- George M. Still, Inc. v. CommissionerUnited States Tax Court · 1953
- Stewart v. CommissionerUnited States Tax Court · 1976
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