Estate of Smith v. Commissioner
United States Tax Court
During 1975 through 1980, decedent received royalties from Exxon, which she reported as income. In 1983, Exxon was ordered to make restitution for overcharging its customers. Exxon made restitution and in 1988 filed suit in District Court against decedent and other royalty interest owners for reimbursement of the portion of the royalties attributable to Exxon's overcharges. Decedent contested Exxon's claim.
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During 1975 through 1980, decedent received royalties from Exxon, which she reported as income. In 1983, Exxon was ordered to make restitution for overcharging its customers. Exxon made restitution and in 1988 filed suit in District Court against decedent and other royalty interest owners for reimbursement of the portion of the royalties attributable to Exxon's overcharges. Decedent contested Exxon's claim. Decedent died on Nov. 16, 1990. On Feb. 15, 1991, the District Court determined that the royalty interest owners were liable to Exxon for restitution of the portion of royalties based on…
1Opinion of the Court
OPINION
Ruwe, Judge:
In docket No. 19200-94, respondent determined an estate tax deficiency of $663,785 and an accuracy-related penalty under section 6662(a)1 in the amount of $132,785.2 In docket No. 3976-95, respondent determined a deficiency of $558,272 in petitioner’s Federal income tax for 1992. The deficiency determined in docket No. 3976-95 represents an alternative position taken by respondent to protect the Government’s interest in the event its position in docket No. 19200-94 is not sustained.
After concessions, the issues remaining for decision are: (1) Whether petitioner’s section…
2Cases cited15 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- National Life Insurance v. United StatesSupreme Court of the United States · 1928
- Propstra v. United StatesCourt of Appeals for the Ninth Circuit · 1982
- United States v. Exxon Corp.Temporary Emergency Court of Appeals · 1985
- Stein v. CommissionerUnited States Tax Court · 1962
10 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- Smith Ex Rel. Estate of Smith v. CommissionerCourt of Appeals for the Fifth Circuit · 1999
- Estate of McMorris v. CommissionerCourt of Appeals for the Tenth Circuit · 2001
- Estate of Kahn v. Comm'rUnited States Tax Court · 2005
- Estate of Smith v. CommissionerUnited States Tax Court · 1998
- Estate of Smith v. Comm'rUnited States Tax Court · 2004
25 more not listed; retrieve them via the Exa API.