Wood v. Commissioner
United States Tax Court
P received a lump-sum distribution of cash and stock from a profit-sharing plan. In furtherance of his plan to avoid tax on the distribution, P established an IRA with a large brokerage company as trustee. P delivered the cash and stock to the trustee with instructions that all of the cash and stock be held in the IRA.
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P received a lump-sum distribution of cash and stock from a profit-sharing plan. In furtherance of his plan to avoid tax on the distribution, P established an IRA with a large brokerage company as trustee. P delivered the cash and stock to the trustee with instructions that all of the cash and stock be held in the IRA. The records of the trustee properly reflected the transfer of the cash to the IRA within the 60-day period required by sec. 402(a)(5)(C), I.R.C. 1954, but mistakenly recorded the stock as having been transferred to another of P's accounts. Approximately 4 months after the…
1Opinion of the Court
RUWE, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for taxable year 1983 in the amount of $12,143.92 and an addition to tax under section 66611 in the amount of $3,035.98. In his reply brief, respondent has waived the addition to tax under section 6661.
The issues for decision are: (1) Whether a portion of the lump-sum distribution received in 1983 from a profit-sharing fund is includable in gross income for 1983, and (2) whether respondent’s motion for leave to amend the answer and to conform the pleadings to the proof and for increased deficiency should be…
2Cases cited8 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Kaplan v. CommissionerUnited States Tax Court · 1953
- Dean v. CommissionerUnited States Tax Court · 1971
- Comtel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1967
3 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
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- Ancira v. Comm'rUnited States Tax Court · 2002
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