Soares v. Commissioner
United States Tax Court
During 1962 and 1963, petitioner, a sole proprietor, acquired certain sec. 38 property on which he claimed investment credit pursuant to sec. 46, I.R.C. 1954, on his tax returns for those years. A portion of the credit was not used in those years and was carried over to and claimed for 1964. On Jan. 1, 1964, petitioner formed a partnership with S corporation, petitioner being a 48-percent partner.
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During 1962 and 1963, petitioner, a sole proprietor, acquired certain sec. 38 property on which he claimed investment credit pursuant to sec. 46, I.R.C. 1954, on his tax returns for those years. A portion of the credit was not used in those years and was carried over to and claimed for 1964. On Jan. 1, 1964, petitioner formed a partnership with S corporation, petitioner being a 48-percent partner. During the period Jan. 1, 1964, to July 1, 1964, the partnership acquired additional sec. 38 property with petitioner claiming his proportionate share of the investment credit on his 1964 tax…
1Opinion of the Court
TietjeNS, Judge:
The Commissioner determined deficiencies for the taxable years ending December 31, 1964, and December 31, 1965, in the following amounts:
Year Deficiency Addition to tax, sec. 6658(a). I.R.C. 19Si
1964-$13, 791. 18 $689. 56
1965- 385. 00 _
The issues for our determination are: (1) Whether petitioners disposed of certain section 38 property during the taxable year 1964 so as to make the recapture provision of the investment credit under section 47(a) (1), I.R.C. 1954,1 applicable, and (2) whether any part of petitioners’ underpayment for tbe taxable year 1964 was due to negligence…
2Cases cited5 opinions
- American Properties, Inc. v. CommissionerUnited States Tax Court · 1957
- Courtney v. CommissionerUnited States Tax Court · 1957
- Stone v. CommissionerUnited States Tax Court · 1954
- Gibbs & Hudson v. CommissionerUnited States Board of Tax Appeals · 1936
- Franklin v. CommissionerUnited States Board of Tax Appeals · 1936
3Cited by25 opinions
- Pritchett v. CommissionerUnited States Tax Court · 1974
- Henry Schwartz Corp. v. CommissionerUnited States Tax Court · 1973
- Metra Chem Corp. v. CommissionerUnited States Tax Court · 1987
- Perrett v. CommissionerUnited States Tax Court · 1980
- Louis M. Giovanini v. United StatesCourt of Appeals for the Ninth Circuit · 1993
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