Cobb v. Commissioner
United States Tax Court
In 1975, P claimed to have made a contribution to an IRA, although he had not adopted a written instrument governing such account. In 1975 and 1976, P claimed deductions for the business use of one of his automobiles for local travel, but he failed to maintain adequate records of his business use. Held: For a contribution to an IRA to be deductible, there must be in existence by the time prescribed for making such contribution a written instrument governing such account.
Read the full summary
In 1975, P claimed to have made a contribution to an IRA, although he had not adopted a written instrument governing such account. In 1975 and 1976, P claimed deductions for the business use of one of his automobiles for local travel, but he failed to maintain adequate records of his business use. Held: For a contribution to an IRA to be deductible, there must be in existence by the time prescribed for making such contribution a written instrument governing such account. Sec. 408(a), I.R.C. 1954; sec. 1.408-2(b), Income Tax Regs. Therefore, since P did not execute such an instrument in 1975,…
1Opinion of the Court
Simpson, Judge:
The Commissioner determined deficiencies in the petitioners’ Federal income taxes of $1,850.54 for 1975 and $795.58 for 1976. Also, for 1975, he determined an addition to tax under section 6653(a) of the Internal Revenue Code of 19541 of $92.53. After concessions by the petitioners, the issues for decision are: (1) Whether in 1975 the petitioners made a deductible contribution to a validly created individual retirement account (IRA); (2) whether for 1975 and 1976 the petitioners are entitled to a deduction for automobile expenses in excess of the amounts allowed by the…
2Cases cited7 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Bixby v. CommissionerUnited States Tax Court · 1972
- Courtney v. CommissionerUnited States Tax Court · 1957
- William W. Steinhort and Mildred Steinhort v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1964
- Foote v. CommissionerUnited States Tax Court · 1976
2 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Noyce v. CommissionerUnited States Tax Court · 1991
- Seven W. Enterprises, Inc. v. CommissionerUnited States Tax Court · 2011
- Libman v. CommissionerUnited States Tax Court · 1982
- Jenkins v. CommissionerUnited States Tax Court · 1988
- Bassett v. CommissionerUnited States Tax Court · 1992
23 more not listed; retrieve them via the Exa API.