Bailey v. Commissioner
United States Tax Court
Held, that petitioner George E. Bailey, who was a licensed insurance agent in the State of Missouri and in the taxable year wrote an insurance policy on his own life with an insurance company of which he was an agent on which the gross premium was $ 514.80 and on which he was entitled to a 50-percent commission, is taxable on the commission although he deducted it from the gross premium when he remitted the premium on the policy to the insurance company.
Read the full summary
Held, that petitioner George E. Bailey, who was a licensed insurance agent in the State of Missouri and in the taxable year wrote an insurance policy on his own life with an insurance company of which he was an agent on which the gross premium was $ 514.80 and on which he was entitled to a 50-percent commission, is taxable on the commission although he deducted it from the gross premium when he remitted the premium on the policy to the insurance company. Commissioner v. Minzer, 279 F. 2d 338 (C.A. 5, 1960), followed.
1Opinion of the Court
OPINION
Black, Judge:
The Commissioner has determined a deficiency in petitioners’ income tax for the year 1960 in the amount of $77.02. The deficiency is due to the addition to the taxable income shown on petitioners’ return of “(a) Additional income — Commissions earned $257.40.” The adjustment is explained in the deficiency notice as follows:
It is determined that you realized income from insurance commissions in the amount of $257.40 which you failed to report on your income tax return. Accordingly, your taxable income is increased $257.40.
The facts have all been stipulated and are adopted…
Also in this document: Dissent.
2Cases cited3 opinions
- A. J. Ostheimer, 3rd, Ruth M. Ostheimer v. United StatesCourt of Appeals for the Third Circuit · 1959
- Commissioner of Internal Revenue v. Sol Minzer and Adele MinzerCourt of Appeals for the Fifth Circuit · 1960
- Minzer v. CommissionerUnited States Tax Court · 1959
3Cited by10 opinions
- Schiffman v. CommissionerUnited States Tax Court · 1967
- Williams v. CommissionerUnited States Tax Court · 1975
- Kobernat v. CommissionerUnited States Tax Court · 1972
- McIver v. CommissionerUnited States Tax Court · 1977
- Bailey v. CommissionerUnited States Tax Court · 1964
5 more not listed; retrieve them via the Exa API.