Bokum v. Commissioner
United States Tax Court
Petitioner husband (H) owned all the stock of Q, a subchapter S corporation. Q sold its horse and cattle ranch. Q distributed to H the proceeds of this sale and additional amounts. Petitioners filed a joint Federal income tax return. To the extent of Q's earnings and profits, petitioners reported the distribution as a long-term capital gain.
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Petitioner husband (H) owned all the stock of Q, a subchapter S corporation. Q sold its horse and cattle ranch. Q distributed to H the proceeds of this sale and additional amounts. Petitioners filed a joint Federal income tax return. To the extent of Q's earnings and profits, petitioners reported the distribution as a long-term capital gain. This amount was then reduced by H's claimed basis in Q to arrive at the net long-term capital gain reported on petitioners' income tax return. Petitioner wife (W) was aware of the sale of the ranch, but was not involved in preparation of the tax return.…
1Opinion of the Court
CHABOT, Judge *.
Respondent determined deficiencies in Federal individual income tax against petitioners as follows:
Year2 Deficiency
1977 . $879,877
1979 . 38,160
1981 . 37,923
After concessions,3 the issues for decision are as follows:(1) Whether petitioners are judicially estopped from arguing that petitioner wife qualifies for innocent spouse tax benefits under section 6013(e)4; and(2) If not, then whether petitioner wife qualifies as an innocent spouse with respect to any portion of petitioners’ 1977 agreed tax deficiency.
FINDINGS OF FACT
Some of the facts have been stipulated; the stipulations…
2Cases cited45 opinions
- Larry Bonner v. City of Prichard, AlabamaCourt of Appeals for the Eleventh Circuit · 1981
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Weinberger v. Hynson, Westcott & Dunning, Inc.Supreme Court of the United States · 1973
- Commissioner v. GroetzingerSupreme Court of the United States · 1987
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3Cited by154 opinions
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- Rebecca Jo Reser v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1997
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