Graves v. Commissioner
United States Tax Court
Subsequent to our prior opinion, 88 T.C. 28 (1987), petitioners sought to reopen the record to introduce further evidence that payments made under the Water Bank Program, 16 U.S.C. sec. 1301 et seq., were excludable from income under sec. 126, I.R.C. 1954. Held, because petitioners have not established that the payments were "cost-sharing payments," they are not excludable from income under sec. 126, I.R.C. 1954.
1Opinion of the Court
SUPPLEMENTAL OPINION
COHEN, Judge-.
On January 7, 1987, we filed our opinion at 88 T.C. 28 (1987), and directed that decision be entered under Rule 155. In that opinion we held, in part, that petitioners had not shown that the payments in question constituted the “excludable portion” of payments under the Water Bank Program, 16 U.S.C. sec. 1301 et seq., as defined in section 126(b)(1).1 Specifically, petitioners had not shown that the payments had been determined by the Secretary of the Treasury or his delegate as not increasing substantially the annual income derived from the property.
Thereafte…
2Cases cited8 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Reisman v. CaplinSupreme Court of the United States · 1964
- Commissioner v. JacobsonSupreme Court of the United States · 1949
- Maguire v. CommissionerSupreme Court of the United States · 1941
- Estate of Sachs v. CommissionerUnited States Tax Court · 1987
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