Lias v. Commissioner
United States Tax Court
On the facts, held: 1. Petitioner's net income for the taxable years in question was properly computed on the net worth expenditures basis. 2. The 50 per cent addition to the tax for fraud in each of the taxable years 1942 to 1948, inclusive, approved. 3. The 6 per cent penalty for substantial understatement of tax in petitioner's declaration of estimated tax for the years 1943 to 1947, inclusive, approved. 4. Petitioner owned certain bank accounts in the names of his wife…
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On the facts, held: 1. Petitioner's net income for the taxable years in question was properly computed on the net worth expenditures basis. 2. The 50 per cent addition to the tax for fraud in each of the taxable years 1942 to 1948, inclusive, approved. 3. The 6 per cent penalty for substantial understatement of tax in petitioner's declaration of estimated tax for the years 1943 to 1947, inclusive, approved. 4. Petitioner owned certain bank accounts in the names of his wife and children, and the interest thereon is taxable to him in the years 1944 and 1945. 5. The rents from two properties…
1Opinion of the Court
William G. Lias, Petitioner, v. Commissioner of Internal Revenue, Respondent. William G. Lias and Alice B. Lias, Petitioners, v. Commissioner of Internal Revenue, Respondent
Lias v. Commissioner
Docket Nos. 27264, 27762
United States Tax Court
24 T.C. 280; 1955 U.S. Tax Ct. LEXIS 182;
May 26, 1955, Filed
Decisions will be entered under Rule 50.
On the facts, held:
1. Petitioner's net income for the taxable years in question was properly computed on the net worth expenditures basis.
2. The 50 per cent addition to the tax for fraud in each of the taxable years 1942 to 1948, inclusive, approved.
3. The 6…
2Cases cited9 opinions
- Holland v. United StatesSupreme Court of the United States · 1955
- Helvering v. MitchellSupreme Court of the United States · 1938
- Howell v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1949
- Lias v. United StatesCourt of Appeals for the Fourth Circuit · 1931
- Samuel R. Beard v. United StatesCourt of Appeals for the Fourth Circuit · 1955
4 more not listed; retrieve them via the Exa API.