Brennen v. Commissioner
United States Tax Court
Statute of Limitations -- Section 3801 (b) (2) -- (b) (5). -- The petitioner purchased bonds in 1944 and sold them in 1945. He claimed a deduction in 1944 for amortizable bond premium, adjusted his basis in like amount and reported a corresponding increase in gain on sale of the bonds in 1945. The respondent reversed these steps, determined a deficiency for 1944, and granted a refund for 1945. The petitioner accepted the refund, which was premised on the increased 1945…
Read the full summary
Statute of Limitations -- Section 3801 (b) (2) -- (b) (5). -- The petitioner purchased bonds in 1944 and sold them in 1945. He claimed a deduction in 1944 for amortizable bond premium, adjusted his basis in like amount and reported a corresponding increase in gain on sale of the bonds in 1945. The respondent reversed these steps, determined a deficiency for 1944, and granted a refund for 1945. The petitioner accepted the refund, which was premised on the increased 1945 basis. The petitioner successfully contested the 1944 deficiency in a proceeding in this Court. The respondent determined a…
1Opinion of the Court
opinion.
Tietjens, Judge:
The respondent determined a deficiency in income tax for the year 1945 in the amount of $8,878.57. This determination was made after the 3-year statute of limitations for assessment, prescribed by section 275 (a) of the Internal Revenue Code, had run. The respondent relies on section 3801 of the Code as his authority for determining the deficiency.
All of the facts have been stipulated and are so found. Those material to the controversy are set forth in our findings of fact.
1. The petitioner is an individual and a resident of the State of Washington. The returns for the…
2Cases cited1 opinion
- American Found. Co. v. CommissionerUnited States Tax Court · 1943
3Cited by29 opinions
- B. C. Cook & Sons, Inc. v. CommissionerUnited States Tax Court · 1975
- United States v. W. A. Rushlight, Raymond G. Rushlight, and W. A. Rushlight, of the Estate of Betty Rushlight, DeceasedCourt of Appeals for the Ninth Circuit · 1961
- Curtis Gallery & Library, Inc. v. United StatesCourt of Appeals for the Ninth Circuit · 1968
- United States v. Ed RachalCourt of Appeals for the Fifth Circuit · 1962
- Arthur E. Evans Trust v. United StatesUnited States Court of Claims · 1972
24 more not listed; retrieve them via the Exa API.