Pescosolido v. Commissioner
United States Tax Court
P, controlling shareholder of L, donated "sec. 306 stock" of L to two educational institutions. Held: P did not establish that the donations were "not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income tax," under sec. 306(b)(4), I.R.C. 1954. P's contributions deductions are limited to his cost basis of the stock under sec. 170(e)(1)(A).
1Opinion of the Court
COHEN, Judge:
Respondent determined the following deficiencies in and addition to petitioners’ income tax:
Year Deficiency Addition to tax sec. 6653(a)1
1978 $31,496 ---
1979 44,798 ---
1980 13,283 $664.15
Respondent has conceded the addition to tax for negligence. The sole issue for decision is whether petitioners’ deductions for charitable contributions of section 306 stock are allowable at fair market value or limited to cost basis in the stock.
FINDINGS OF FACT
Some of the facts have been stipulated, and the facts set forth in the stipulation are incorporated in our findings by this reference.…
2Cases cited7 opinions
- United States v. DavisSupreme Court of the United States · 1970
- Northern Trust Co. v. CommissionerUnited States Tax Court · 1986
- Roebling v. CommissionerUnited States Tax Court · 1981
- Eugene W. And Marie P. Fireoved, in Nos. 71-1565 v. United States of America, in Nos. 71-1566, 71-1567Court of Appeals for the Third Circuit · 1972
- Bialo v. CommissionerUnited States Tax Court · 1987
2 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Carl A. Pescosolido, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1989
- Tecumseh Corrugated Box Co. v. CommissionerUnited States Tax Court · 1990
- Guenther v. CommissionerUnited States Tax Court · 1995
- Pescosolido v. CommissionerUnited States Tax Court · 1988
- Tecumseh Corrugated Box Co. v. CommissionerUnited States Tax Court · 1990