Ancira v. Comm'r
United States Tax Court
P had a self-directed IRA account of which C was the custodian. P requested that C purchase common stock in X for the IRA. Although the investment in X stock was not prohibited, C, as a matter of policy, refused to purchase the stock because X was not publicly traded. P arranged for C to issue a check drawn on the IRA account made payable to X. C sent the check to P, who forwarded it to X. X issued the stock in the name of P's IRA.
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P had a self-directed IRA account of which C was the custodian. P requested that C purchase common stock in X for the IRA. Although the investment in X stock was not prohibited, C, as a matter of policy, refused to purchase the stock because X was not publicly traded. P arranged for C to issue a check drawn on the IRA account made payable to X. C sent the check to P, who forwarded it to X. X issued the stock in the name of P's IRA. P received X's stock and delivered the stock to C. R determined that there was a distribution from the IRA to P. Held: P was a conduit for C, and there was no…
1Opinion of the Court
OPINION
Dawson, Judge:
This case was assigned to Special Trial Judge Carleton D. Powell pursuant to section 7443A(b)(3) and Rules 180, 181, and 182.1 The Court agrees with and adopts the opinion of the Special Trial Judge, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
Powell, Special Trial Judge:
Respondent determined a deficiency of $17,393 and a section 6662 accuracy-related penalty of $3,479 in petitioner’s 1998 Federal income tax. After concessions,2 the issue is whether a transaction involving the purchase of stock in S.K./R.M.A., Inc. (S.K.),3 constituted a distribution to…
2Cases cited7 opinions
- Diamond v. CommissionerUnited States Tax Court · 1971
- Sol Diamond and Muriel Diamond v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1974
- Darby v. CommissionerUnited States Tax Court · 1991
- BUNNEY v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2000
- Wood v. CommissionerUnited States Tax Court · 1989
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Endeavour GP, LLC v. Endeavour Highrise, L.P. (In Re Endeavour Highrise, L.P.)United States Bankruptcy Court, S.D. Texas · 2010
- Benenson v. Comm'r of Internal RevenueCourt of Appeals for the First Circuit · 2018
- McGaugh v. CommissionerCourt of Appeals for the Seventh Circuit · 2017
- Ancira v. Comm'rUnited States Tax Court · 2002
- BLAND v. COMMISSIONERUnited States Tax Court · 2003
5 more not listed; retrieve them via the Exa API.