McSpadden v. Commissioner
United States Tax Court
1. Held, proceeds from discounting fraudulently obtained mortgages on nonexistent fertilizer tanks, on which mortgages the recipient was not directly liable but some of which he had "guaranteed," are taxable income, including proceeds from "guaranteed" transactions.
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1. Held, proceeds from discounting fraudulently obtained mortgages on nonexistent fertilizer tanks, on which mortgages the recipient was not directly liable but some of which he had "guaranteed," are taxable income, including proceeds from "guaranteed" transactions. James v. United States, 366 U.S. 213 (1961); Rutkin v. United States, 343 U.S. 130 (1952); and United States v. Rochelle, 384 F. 2d 748 (C.A. 5, 1967). 2. Held, further, respondent's contention, that petitioner is taxable on repayments made by corporation on mortgages on which her husband was personally liable, is a new issue with…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in petitioner’s income taxes and additions to taxes for the years and in the amounts as follows:
Addition to tax under sec. 6668(by, Year Deficiency LR.C.Í964.
1959___ $70. 79 -
1960_ 837, 280. 28 $418, 640. 14
1961_ 1,422,935.04 711,467.52
The parties have disposed of certain of the issues raised by the pleadings by agreement, or petitioner’s statement that the adjustment would not be contested and respondent has conceded that no part of the deficiencies was due to fraud, leaving for our decision the following:(1) Whether amounts of $284,904.69 and…
2Cases cited18 opinions
- James v. United StatesSupreme Court of the United States · 1961
- Rutkin v. United StatesSupreme Court of the United States · 1952
- Meyer Harris Cohen, AKA Michael 'Mickey' Cohen v. United StatesCourt of Appeals for the Ninth Circuit · 1962
- Billie Sol Estes v. United StatesCourt of Appeals for the Fifth Circuit · 1964
- Tauber v. CommissionerUnited States Tax Court · 1955
13 more not listed; retrieve them via the Exa API.
3Cited by94 opinions
- Estate of Horvath v. CommissionerUnited States Tax Court · 1973
- Achiro v. CommissionerUnited States Tax Court · 1981
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Shea v. CommissionerUnited States Tax Court · 1999
- Wayne Bolt & Nut Co. v. CommissionerUnited States Tax Court · 1989
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