Goldstone v. Commissioner
United States Tax Court
Petitioners claimed an investment credit on their 1967 tax return. The property with respect to which the credit was claimed was disposed of in 1970. In 1971 and 1972 petitioners filed amended 1967 tax returns deleting the investment credit claimed on their original return for that year. Held: The amended returns are not effective to alter the tax treatment accorded the credit on the initial return.
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Petitioners claimed an investment credit on their 1967 tax return. The property with respect to which the credit was claimed was disposed of in 1970. In 1971 and 1972 petitioners filed amended 1967 tax returns deleting the investment credit claimed on their original return for that year. Held: The amended returns are not effective to alter the tax treatment accorded the credit on the initial return. Petitioners must recapture the credit in the year of disposition pursuant to sec. 47, I.R.C. 1954.
1Opinion of the Court
opinion
Sterrett, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes for the calendar years 1969 and 1970 in the following amounts:
Year Amount
1969___ $8,362.75
1970_ 13,633.59
Respondent also determined that, pursuant to section 6651(a),2 petitioners were liable for an addition to tax in the amount of $208.79 for the year 1969. Due to concessions by the parties and the failure of petitioners to contest the section 6651(a) addition, the sole issue for decision is whether petitioners may, in an amended return for 1967, delete an investment credit properly claimed on…
2Cases cited9 opinions
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Reaver v. CommissionerUnited States Tax Court · 1964
- Peter Mamula and Dorothy R. Mamula v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1965
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- Roy H. Park Broadcasting, Inc. v. CommissionerUnited States Tax Court · 1982
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