Eades v. Commissioner
United States Tax Court
Petitioner Floyd H. Eades was self-employed as a fisherman during 1977. He deposited the entire net profit from his fishing business for 1977 into a capital construction fund established pursuant to sec. 607 of the Merchant Marine Act, 1936. Held, petitioner was not entitled to reduce his net earnings from self-employment by the amount deposited into the capital construction fund.
1Opinion of the Court
OPINION
Hamblen, Judge:
Respondent determined a deficiency of $1,027 in petitioners’ 1977 Federal income tax. The sole issue for decision is whether petitioners’ net earnings from self-employment under section 1402(a)1 are reduced by amounts deposited in a capital construction fund established pursuant to section 607 of the Merchant Marine Act, 1936, 46 U.S.C. sec. 1177 (1976) (hereinafter the MMA).
All of the facts have been stipulated and are found accordingly.
Floyd H. Eades (hereinafter petitioner) and Faye Eades, husband and wife, resided in Kemah, Tex., when they filed their 1977 joint…
2Cases cited7 opinions
- Zuanich v. CommissionerUnited States Tax Court · 1981
- Quick Trust v. CommissionerUnited States Tax Court · 1970
- Curtis T. Busse and Myrtle Busse v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
- Busse v. CommissionerUnited States Tax Court · 1972
- Pacific Transport Co. v. CommissionerUnited States Tax Court · 1970
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Koch v. JamesIndiana Court of Appeals · 1993
- Harris He Wang v. Comm'rUnited States Tax Court · 2014
- Eades v. CommissionerUnited States Tax Court · 1982
- Fitch v. Comm'rUnited States Tax Court · 2013
- Harris He Wang v. CommissionerUnited States Tax Court · 2014
3 more not listed; retrieve them via the Exa API.