Nemmo v. Commissioner
United States Tax Court
1. The petitioners were partners in an enterprise which conducted, inter alia, a handbook operation for the acceptance of bets on horse races.
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1. The petitioners were partners in an enterprise which conducted, inter alia, a handbook operation for the acceptance of bets on horse races. Held, on the facts, the books and records maintained by the partnership correctly set forth the "hits" or amounts payable by the partnership to winning bettors, and the respondent erred in determining that the partnership realized bookmaking income in each of the taxable years in an amount equal to 12 per cent of the wagers received. 2. Held, the respondent's determination of fraud penalties under the provisions of section 293(b) of the 1939 Code is…
1Opinion of the Court
OPINION.
Harrow, Judge:
The principal question to be decided is whether the respondent correctly determined that the petitioners understated their distributive shares of income from the Yorkshire Club, a partnership, in each of the taxable years. Also to be decided is whether the respondent correctly determined that the petitioners are liable for penalties and additions to tax under the provisions of sections 298 (b) and 294 (d) of the 1939 Code. Several of the petitioners have also raised the 3-year statute of limitations, section 275 (a) of the Code, as a bar to the deficiencies determined…
2Cases cited5 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Wiseley v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1950
- Snell Isle, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1937
- Showell v. CommissionerUnited States Tax Court · 1954
- Riverton Lime & Stone Co. v. CommissionerUnited States Tax Court · 1957
3Cited by16 opinions
- Cloes v. CommissionerUnited States Tax Court · 1982
- Charles A. Polizzi v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1957
- Commissioner of Internal Revenue v. Thomas Robinson and Elaine RobinsonCourt of Appeals for the Third Circuit · 1959
- McGrath v. CommissionerUnited States Tax Court · 1956
- Litzenberg v. CommissionerUnited States Tax Court · 1988
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