Gentile v. Comm'r
United States Tax Court
R determined a deficiency and an accuracy-related penalty pursuant to sec. 6662(a), I.R.C., for the 2005 tax year. The issues for decision are: (1) Whether a lump-sum settlement payment Ps received in 2005 is excludable from their gross income pursuant to sec. 105, I.R.C.; and (2) whether Ps are liable for the accuracy-related penalty pursuant to sec. 6662(a), I.R.C.Held: Ps' lump-sum settlement payment constitutes taxable income under sec. 105(a), I.R.C., for the 2005 tax…
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R determined a deficiency and an accuracy-related penalty pursuant to sec. 6662(a), I.R.C., for the 2005 tax year. The issues for decision are: (1) Whether a lump-sum settlement payment Ps received in 2005 is excludable from their gross income pursuant to sec. 105, I.R.C.; and (2) whether Ps are liable for the accuracy-related penalty pursuant to sec. 6662(a), I.R.C.Held: Ps' lump-sum settlement payment constitutes taxable income under sec. 105(a), I.R.C., for the 2005 tax year. Held: Ps are not liable for a penalty under sec. 6662(a), I.R.C.
1Opinion of the Court
THOMAS M. AND DONNA GENTILE, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Gentile v. Comm'r
Docket No. 14226-08
United States Tax Court
T.C. Memo 2010-254; 2010 Tax Ct. Memo LEXIS 293; 100 T.C.M. (CCH) 451;
November 18, 2010, Filed
An appropriate order will be issued, and decision will be entered for respondent with regard to the deficiency and for petitioners with regard to the accuracy-related penalty.
R determined a deficiency and an accuracy-related penalty pursuant to sec. 6662(a), I.R.C., for the 2005 tax year. The issues for decision are: (1) Whether a lump-sum settlement…
2Cases cited9 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- United States v. BoyleSupreme Court of the United States · 1985
- Neonatology Assocs., P.A. v. Comm'rUnited States Tax Court · 2000
- Commissioner v. BanksSupreme Court of the United States · 2005
- Randall L. Beisler and Judith K. Beisler v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1987
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