Amos v. Comm'r
United States Tax Court
Held, that amounts received by a district director, as agent for respondent, from notices of levy served on a bank and an insurance company to reach property of petitioner-husband constitute involuntary payments which the district director has a right to apply as he chooses to outstanding assessments of tax, penalty, and interest. O'Dell v. United States, 326 F. 2d 451 (C.A. 10, 1964), followed.
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Held, that amounts received by a district director, as agent for respondent, from notices of levy served on a bank and an insurance company to reach property of petitioner-husband constitute involuntary payments which the district director has a right to apply as he chooses to outstanding assessments of tax, penalty, and interest. O'Dell v. United States, 326 F. 2d 451 (C.A. 10, 1964), followed. Since such amounts were applied to tax rather than interest, petitioners are not entitled to an interest deduction under sec. 163(a), I.R.C. 1954. Held, further, that petitioner-husband realized…
1Opinion of the Court
OPINION
Dawson, Judge:
In these consolidated cases respondent determined against petitioners the following deficiencies in income tax and additions to tax:
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Certain adjustments have been disposed of by agreement of the parties and will be given effect in the Rule 50 computations. The two issues remaining for our decision are: (1) Whether claimed interest deductions in the amounts of $147.83 and $523.40 are allowable under the provisions of section 163(a), I.R.C. 1954;1 and (2) whether petitioner John A. Amos realized income under an annuity contract in the amount of $6,280.80 for…
2Cases cited15 opinions
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Crane v. CommissionerSupreme Court of the United States · 1947
- Helvering v. American Dental Co.Supreme Court of the United States · 1943
- Norene R. O'Dell v. United States of America and Jack Ruhter, Trustee in BankruptcyCourt of Appeals for the Tenth Circuit · 1964
- Chicago & N. W. R. Co. v. CommissionerUnited States Tax Court · 1958
10 more not listed; retrieve them via the Exa API.
3Cited by106 opinions
- Fredric C. Muntwyler v. United StatesCourt of Appeals for the Seventh Circuit · 1983
- In the Matter of Ribs-R-Us, Inc., a Corporation of the State of New Jersey. Appeal of United States of AmericaCourt of Appeals for the Third Circuit · 1987
- United States v. Lewis Pepperman, Trustee for Keith T. Sorensen, Keith T. Sorensen, Debtor, Us Trustee, TrusteeCourt of Appeals for the Third Circuit · 1992
- In Re FrostDistrict Court, D. Kansas · 1985
- Estate of Baumgardner v. CommissionerUnited States Tax Court · 1985
101 more not listed; retrieve them via the Exa API.