Kennedy v. Commissioner
United States Board of Tax Appeals
1. Under the terms of a contract of sale, profits over and above the amount distributed in 1921 were so contingent that they should not be included in petitioner's income for 1921. 2. Where the actual facts show that petitioner received no dividends from a company, although book entries indicated that he did, the facts will control. 3. Negligence penalty asserted for 1920 disallowed where it appears that petitioner followed the same course as a reasonable and an ordinarily…
Read the full summary
1. Under the terms of a contract of sale, profits over and above the amount distributed in 1921 were so contingent that they should not be included in petitioner's income for 1921. 2. Where the actual facts show that petitioner received no dividends from a company, although book entries indicated that he did, the facts will control. 3. Negligence penalty asserted for 1920 disallowed where it appears that petitioner followed the same course as a reasonable and an ordinarily prudent man would follow. 4. Negligence penalty asserted for 1921 approved where evidence fails to rebut the…
1Opinion of the Court
JOHN T. KENNEDY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kennedy v. Commissioner
Docket No. 19785.
United States Board of Tax Appeals
16 B.T.A. 1372; 1929 BTA LEXIS 2390;
July 18, 1929, Promulgated
1. Under the terms of a contract of sale, profits over and above the amount distributed in 1921 were so contingent that they should not be included in petitioner's income for 1921.
2. Where the actual facts show that petitioner received no dividends from a company, although book entries indicated that he did, the facts will control.
3. Negligence penalty asserted for 1920 disallowed…
2Cases cited7 opinions
- Brander v. CommissionerUnited States Board of Tax Appeals · 1925
- Deposit Trust & Sav. Bank v. CommissionerUnited States Board of Tax Appeals · 1928
- Perry v. CommissionerUnited States Board of Tax Appeals · 1927
- Downing v. CommissionerUnited States Board of Tax Appeals · 1928
- Old Colony Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1928
2 more not listed; retrieve them via the Exa API.