McLaine v. Commissioner
United States Tax Court
In 1999 P exercised nonqualified stock options (NQOs) previously issued to him by E, his recent employer, and simultaneously sold the option stock, receiving from E the sale proceeds, less the exercise price, undiminished by withheld income taxes. P reported the gain but did not pay the balance shown as due on his return. R issued a notice of intent to levy to collect the balance, interest, and additions to tax for failures to pay tax and estimated tax.
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In 1999 P exercised nonqualified stock options (NQOs) previously issued to him by E, his recent employer, and simultaneously sold the option stock, receiving from E the sale proceeds, less the exercise price, undiminished by withheld income taxes. P reported the gain but did not pay the balance shown as due on his return. R issued a notice of intent to levy to collect the balance, interest, and additions to tax for failures to pay tax and estimated tax. P had a collection due process hearing, and R's Appeals Office determined to proceed with collection. P challenges the determination…
1Opinion of the Court
Colvin, Chief Judge:
This case is before us to review a Notice of Determination Concerning Collection Action(s) under Section 6320 and/or 6330 (notice) issued by respondent’s Appeals Office. The notice concerns petitioner’s 1999 Federal income tax, and it sustains an Appeals officer’s determination that respondent may proceed by levy to collect that tax. We review the notice pursuant to section 6330(d)(1).1
The events giving rise to the notice begin with petitioner’s exercise in 1999 of nonqualified stock options (NQOs) awarded to him by a previous employer. Petitioner realized gross income on…
2Cases cited15 opinions
- Ashwander v. Tennessee Valley AuthoritySupreme Court of the United States · 1936
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Liverpool, New York & Philadelphia Steamship Co. v. Commissioners of EmigrationSupreme Court of the United States · 1885
- Wilkinson v. CommissionerUnited States Tax Court · 1979
- Davis v. CommissionerUnited States Tax Court · 2000
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3Cited by40 opinions
- Dixon v. CommissionerUnited States Tax Court · 2013
- Muncy v. Comm'rUnited States Tax Court · 2017
- Weiss v. Comm'rUnited States Tax Court · 2016
- United States v. TrevittDistrict Court, M.D. Georgia · 2016
- Terry v. Comm'rUnited States Tax Court · 2016
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