Gales v. Commissioner
United States Tax Court
P received advance commissions on insurance written by him. The advance commissions were repayable on demand, and bore interest, and repayment was secured by earned commissioners. Such advance commissions were shown as income on Forms 1099-MISC, Miscellaneous Income, received by P. HELD, Ps have proven the amount of advance commissions. HELD, FURTHER, the advance commissions were received as loans and are not gross income.
1Opinion of the Court
JAMES J. AND SANDRA A. GALES, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Gales v. Commissioner
No. 4345-97
United States Tax Court
T.C. Memo 1999-27; 1999 Tax Ct. Memo LEXIS 26; 77 T.C.M. (CCH) 1316; T.C.M. (RIA) 99027;
February 1, 1999, Filed
Decision will be entered under Rule 155.
P received advance commissions on insurance written by him. The advance commissions were repayable on demand, and bore interest, and repayment was secured by earned commissioners. Such advance commissions were shown as income on Forms 1099-MISC, Miscellaneous Income, received by P.
HELD, Ps have proven…
2Cases cited8 opinions
- James v. United StatesSupreme Court of the United States · 1961
- Beaver v. CommissionerUnited States Tax Court · 1970
- Moorman v. CommissionerUnited States Tax Court · 1956
- UFE, Inc. v. CommissionerUnited States Tax Court · 1989
- Lime Cola Co. v. CommissionerUnited States Tax Court · 1954
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Winter v. Comm'rUnited States Tax Court · 2010
- Brooks v. Comm'rUnited States Tax Court · 2012