Huntsberry v. Commissioner
United States Tax Court
Held: The alternative minimum tax imposed by sec. 55, I.R.C. 1954, is predicated upon applying specified percentages to a base of "alternative minimum taxable income" of which certain tax preferences are a significant but not necessarily an indispensable component. Accordingly, petitioners are liable for the alternative minimum tax for 1979 computed in accordance with the specific provisions of sec. 55, notwithstanding that they did not have any tax preferences that year.
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Held: The alternative minimum tax imposed by sec. 55, I.R.C. 1954, is predicated upon applying specified percentages to a base of "alternative minimum taxable income" of which certain tax preferences are a significant but not necessarily an indispensable component. Accordingly, petitioners are liable for the alternative minimum tax for 1979 computed in accordance with the specific provisions of sec. 55, notwithstanding that they did not have any tax preferences that year. Held, further, sec. 58(h) is inapplicable in this case.
1Opinion of the Court
OPINION
Raum, Judge:
The Commissioner determined a $24,612.75 deficiency in petitioners’ 1979 Federal income tax. The sole issue is whether petitioners are liable for the alternative minimum tax imposed by section 55, I.R.C. 1954. The facts have been stipulated.
Petitioners Howard Y. Huntsberry and Margaret N. Hunts-berry, husband and wife, resided in Coral Gables, FL, when they filed the petition herein. They filed their joint Federal income tax return for the taxable year 1979 with the Internal Revenue Service Center, Chamblee, GA.
Petitioners’ 1979 Federal income tax return reported gross…
2Cases cited12 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Commissioner v. ConnellySupreme Court of the United States · 1949
- Samuel Pollack and Annie Pollack v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Pollack v. CommissionerUnited States Tax Court · 1966
- J. C. Penney Company, Transferee v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
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