Petersen v. Comm'r
United States Tax Court
I.R.C. sec. 267(a)(2) defers deductions for expenses paid by a taxpayer to a related person until the payments are includible in the related person's gross income. I.R.C. sec. 267(b) defines the "relationships" that bring this statute into play. I.R.C. sec. 267(e) provides that, for purposes of applying subsec.
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I.R.C. sec. 267(a)(2) defers deductions for expenses paid by a taxpayer to a related person until the payments are includible in the related person's gross income. I.R.C. sec. 267(b) defines the "relationships" that bring this statute into play. I.R.C. sec. 267(e) provides that, for purposes of applying subsec. (a)(2), an S corporation and "any person who owns (directly or indirectly) any of the stock of such corporation" shall be "treated as persons specified in a paragraph of subsection (b)." I.R.C. sec. 267(e) thus deems S corporations and their shareholders to be "related persons"…
1Opinion of the Court
STEVEN M. PETERSEN AND PAULINE PETERSEN, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent;
JOHN E. JOHNSTUN AND LARUE A. JOHNSTUN, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Petersen v. Comm'r
Docket Nos. 15184-14, 15185-14.
United States Tax Court
2017 U.S. Tax Ct. LEXIS 24; 148 T.C. No. 22;
June 13, 2017, Filed
Decisions will be entered for respondent with respect to the deficiencies and for petitioners with respect to the penalties.
I.R.C. sec. 267(a)(2) defers deductions for expenses paid by a taxpayer to a related person until the payments are includible in the…
2Cases cited29 opinions
- Robinson v. Shell Oil Co.Supreme Court of the United States · 1997
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Indopco, Inc. v. CommissionerSupreme Court of the United States · 1992
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3Cited by2 opinions
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