Quinn v. Commissioner
United States Tax Court
Howard B. Quinn, chairman of the board of directors of a savings and loan association, in 1963 caused the association to pay him $ 553,166.66, purportedly as advance rent on a building which he had leased to the association. The board of directors insisted that he restore the money. He repaid $ 53,166.66 but gave a note for the balance of $ 500,000 during the tax year.
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Howard B. Quinn, chairman of the board of directors of a savings and loan association, in 1963 caused the association to pay him $ 553,166.66, purportedly as advance rent on a building which he had leased to the association. The board of directors insisted that he restore the money. He repaid $ 53,166.66 but gave a note for the balance of $ 500,000 during the tax year. He and Mrs. Quinn filed a joint return for 1963 which did not report the $ 500,000 as income but mentioned it in an attached statement. It is held: 1. The facts in this case are distinguishable from those in Wilbur Buff, 58…
1Opinion of the Court
Featherston, Judge:
Respondent determined deficiencies in petitioners’ income tases as follows:
Year Amount
1961-$1, 488, 314.34
1962 _ 67,795.04
1963_ 389, 294.97
Total_ 1,945,404. 35
The parties have settled numerous issues raised by the assignment-of-error paragraphs of the petition and amendment to petition. The only issues remaining for decision are as follows:(1) Whether petitioner Howard B. Quinn’s signing of a promissory note in 1963 for the repayment of $500,000 withdrawn without authority during that year from a savings and loan association converted the withdrawal into a nontaxable…
2Cases cited17 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- James v. United StatesSupreme Court of the United States · 1961
- Sonnenborn v. CommissionerUnited States Tax Court · 1971
- United States v. Maryland Savings-Share Ins. Corp.Supreme Court of the United States · 1970
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3Cited by81 opinions
- Bettye A. Sanders v. United StatesCourt of Appeals for the Fifth Circuit · 1975
- Purcell v. CommissionerUnited States Tax Court · 1986
- Bokum v. CommissionerUnited States Tax Court · 1990
- Patricia A. Price v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1989
- Howard B. Quinn and Charlotte J. Quinn v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1975
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