Topsnik v. Commissioner
United States Tax Court
In 2004, P, a German citizen, made an installment sale of his stock in a U.S. corporation, and he received payments in 2004-09 (years in issue) pursuant to a promissory note executed in connection with the sale. The 2004 payments consisted of a large downpayment and four smaller, equal monthly payments, which continued throughout 2005-09. He filed U.S. individual income tax returns for 2004 and 2005 on which he erroneously reported identical portions of the gain.
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In 2004, P, a German citizen, made an installment sale of his stock in a U.S. corporation, and he received payments in 2004-09 (years in issue) pursuant to a promissory note executed in connection with the sale. The 2004 payments consisted of a large downpayment and four smaller, equal monthly payments, which continued throughout 2005-09. He filed U.S. individual income tax returns for 2004 and 2005 on which he erroneously reported identical portions of the gain. He did not file U.S. returns for 2006-09. R challenged P's installment sale reporting for 2004 and 2005 and filed substitutes for…
1Opinion of the Court
Halpern, Judge:
By notice of deficiency (notice) respondent determined deficiencies and related additions to tax for petitioner’s 2004-09 tax years as follows:
Additions to tax
Year Deficiency Sec. 6651(a)(1) Sec. 6654
2004 $135,316 $28,893 2004
2005 $224
2006 75,167 16,913
2007 62,766 14,122
2008 61,068 13,740
2009 60,858 5,477
The notice also seeks to impose additions to tax for 2004 and 2006-09 under section 6651(a)(2) (failure to timely pay tax shown on return) but alleges that the “[a]mount cannot be determined at this time.”
The issues for decision are (1) whether petitioner was subject to U.S.…
2Cases cited16 opinions
- New Hampshire v. MaineSupreme Court of the United States · 2001
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- United States v. BoyleSupreme Court of the United States · 1985
- In Re GrimleySupreme Court of the United States · 1890
- Jonson v. Comm'rUnited States Tax Court · 2002
11 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
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- Topsnik v. United StatesUnited States Court of Federal Claims · 2016