Gould v. Comm'r
United States Tax Court
In 1984, P-H and several entities in which he owned interests filed voluntary petitions in ch. 11 bankruptcy. The bankruptcy court established a liquidating trust to which all assets of the bankruptcy estates were transferred. The liquidating trustee remitted payments to the Internal Revenue Service (IRS) in satisfaction of the income tax liabilities of the debtors, including P-H's bankruptcy estate, for tax years before those at issue herein.
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In 1984, P-H and several entities in which he owned interests filed voluntary petitions in ch. 11 bankruptcy. The bankruptcy court established a liquidating trust to which all assets of the bankruptcy estates were transferred. The liquidating trustee remitted payments to the Internal Revenue Service (IRS) in satisfaction of the income tax liabilities of the debtors, including P-H's bankruptcy estate, for tax years before those at issue herein. On Ps' individual joint 1995, amended 1995, and 1996-2002 Federal income tax returns, Ps reported net operating loss (NOL) deductions and estimated tax…
1Opinion of the Court
CONTENTS
FINDINGS OF FACT . 423
OPINION . 431
I. Deficiency Proceeding Regarding Petitioners’ 1995-2002 Tax Liabilities . 431
A. Period of Limitations . 431
1. Introduction . 431
2. Underpayment of Tax . 431
a. NOL Carryovers . 432(1) The MCLT Is Not a Grantor Trust . 432(a) Collateral Estoppel . 433(b) Grantor Trust Rules . 435(2) Petitioners Are Not Entitled to NOL Carryovers of Petitioner’s Bankruptcy Estate Upon Its Termination . 440
b. Capital Loss Deductions . 443
c. Conclusion . 445
3. Fraudulent Intent . 446
a. Understatement of Income . 446
b. Inadequate Maintenance of Records . 447
c. Failure To…
2Cases cited41 opinions
- Montana v. United StatesSupreme Court of the United States · 1979
- Freytag v. CommissionerSupreme Court of the United States · 1991
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- United States v. BoyleSupreme Court of the United States · 1985
- Bixby v. CommissionerUnited States Tax Court · 1972
36 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Securities & Exchange Commission v. WylyDistrict Court, S.D. New York · 2014
- O'Neal v. Comm'rUnited States Tax Court · 2016
- Gould v. Comm'rUnited States Tax Court · 2012