Nordtvedt v. Commissioner
United States Tax Court
P adjusted the basis in his retirement annuity by an inflation factor, to take account of inflation between the date of his contributions to the retirement plan and the annuity starting date, for purposes of calculating the amount of his pension annuity subject to Federal income tax.
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P adjusted the basis in his retirement annuity by an inflation factor, to take account of inflation between the date of his contributions to the retirement plan and the annuity starting date, for purposes of calculating the amount of his pension annuity subject to Federal income tax. P further adjusted the basis in his retirement annuity to account for expected inflation over his actuarial life for purposes of calculating the amount of his pension annuity subject to Federal income tax. HELD: P may not adjust the basis in his retirement annuity to account for inflation for purposes of…
1Opinion of the Court
OPINION
RUWE, Judge:
Respondent determined a deficiency of $580 in petitioner’s 1996 Federal income tax. The issues for decision are: (1) Whether petitioner may adjust the basis in his retirement annuity by an inflation factor, to take account of inflation between the date of his contributions to the retirement plan and the annuity starting date, thereby increasing his basis from the amount of $36,734 to an adjusted basis of $57,972, for purposes of calculating the amount of his pension annuity subject to Federal income tax; and (2) whether petitioner may further adjust the basis in his…
2Cases cited20 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Gajewski v. CommissionerUnited States Tax Court · 1976
- Knox v. LeeSupreme Court of the United States · 1871
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3Cited by5 opinions
- King v. Comm'rUnited States Tax Court · 2003
- Jeffrey R. King and Sabrina M. King v. CommissionerUnited States Tax Court · 2003
- Kenneth L. Nordtvedt v. CommissionerUnited States Tax Court · 2001
- King v. Comm'rUnited States Tax Court · 2003
- Nordtvedt v. CommissionerUnited States Tax Court · 2001