Zuanich v. Commissioner
United States Tax Court
Petitioner-husband discussed with respondent's agents the availability of the foreign tax credit on account of Canadian taxes paid by a corporation of which petitioner-husband was majority shareholder. Held, the doctrine of equitable estoppel does not bar respondent from disallowing this credit ( Automobile Club of Michigan v. Commissioner, 353 U.S. 180 (1957)); this credit is not allowable.
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Petitioner-husband discussed with respondent's agents the availability of the foreign tax credit on account of Canadian taxes paid by a corporation of which petitioner-husband was majority shareholder. Held, the doctrine of equitable estoppel does not bar respondent from disallowing this credit ( Automobile Club of Michigan v. Commissioner, 353 U.S. 180 (1957)); this credit is not allowable. Petitioner-husband purchased and placed into service on his commercial fishing vessel a hydraulic fishing reel. He purchased the reel entirely with funds withdrawn from a capital construction fund…
1Opinion of the Court
Chabot, Judge:
Respondent determined a deficiency in Federal individual income tax against petitioners for 1975 in the amount of $7,736.85. The issues for decision are as follows:(1) Whether respondent should be equitably estopped from disallowing a portion of petitioners’ claimed foreign tax credit because of petitioner-husband’s asserted reliance on advice understood by petitioner-husband as having been given to him by respondent’s agents; and(2) Whether "basis” for purposes of the investment credit under section 381 is greater than "basis” for depreciation and capital gain purposes, in the…
2Cases cited40 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Dixon v. United StatesSupreme Court of the United States · 1965
- Barr v. United StatesSupreme Court of the United States · 1945
- Commissioner v. Idaho Power Co.Supreme Court of the United States · 1974
35 more not listed; retrieve them via the Exa API.
3Cited by56 opinions
- Zirker v. CommissionerUnited States Tax Court · 1986
- Elec. Arts, Inc. v. Comm'rUnited States Tax Court · 2002
- Wildman v. CommissionerUnited States Tax Court · 1982
- Norfolk Southern Corp. v. CommissionerUnited States Tax Court · 1995
- Estate of Jung v. CommissionerUnited States Tax Court · 1993
51 more not listed; retrieve them via the Exa API.