Walker v. Commissioner
United States Tax Court
A partnership, of which the petitioner was a 50 percent member, sold shipyard properties, and it and the petitioner reported the gain from such sale on the installment method.
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A partnership, of which the petitioner was a 50 percent member, sold shipyard properties, and it and the petitioner reported the gain from such sale on the installment method. The respondent determined that the use of the installment method was improper because the payments received in the year of sale exceeded 30 percent of the selling price; that as a result the petitioner had omitted from gross income an amount properly includable therein in excess of 25 percent of the amount of gross income stated in the return; that therefore the period for assessment was 6 years ( sec. 6501(e)(1)(A),…
1Opinion of the Court
Atkins, Judge:
The respondent, by notice of deficiency dated February 19, 1964, determined a deficiency in income tax for the taxable year 1957 in the amount of $81,075.05.
The primary issue is whether assessment of any deficiency for 1957 is barred by the statute of limitations which in turn depends upon whether, within the purview of section 6501(e) of the Internal Revenue Code of 1954, the petitioner omitted from gross income an amount properly includable therein which is in excess of 25 percent of the gross income stated in her return. If assessment is not barred by the statute of…
2Cases cited11 opinions
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- Reis v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1944
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