Breakell v. Commissioner
United States Tax Court
Ps had a negative adjusted gross income and paid no regular income tax. Included in the computation of adjusted gross income were preference item deductions, represented by a dividend exclusion and the capital gain deduction under sec. 1202, I.R.C.
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Ps had a negative adjusted gross income and paid no regular income tax. Included in the computation of adjusted gross income were preference item deductions, represented by a dividend exclusion and the capital gain deduction under sec. 1202, I.R.C. Ps computed their alternative minimum tax by utilizing the negative adjusted gross income and also by reducing the amount of their preference items by the amount of those items from which they derived no tax benefit in respect of their regular income tax. Held, the tax benefit adjustment under sec. 55(h), I.R.C., does not permit Ps to obtain a…
1Opinion of the Court
OPINION
TANNENWALD, Judge:
Respondent determined a deficiency of $34,346 in petitioners’ 1986 Federal income tax together with an addition to tax of $83 under section ■6653(a)(1)(A)1 and 50 percent of the interest payable under section 6653(a)(1)(B). After concessions by the parties, the ¡sole issue for decision is the extent to which petitioners understated their tax preference items and therefore their alternative minimum tax.
All of the facts have been stipulated and are found accordingly.
At the time they filed their petition, petitioners resided in Bradenton, Florida. They filed a timely…
2Cases cited5 opinions
- Commissioner v. ConnellySupreme Court of the United States · 1949
- First Chicago Corporation v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1988
- Occidental Petroleum Corp. v. CommissionerUnited States Tax Court · 1984
- First Chicago Corp. v. CommissionerUnited States Tax Court · 1987
- Weiser v. United StatesDistrict Court, N.D. California · 1990
3Cited by9 opinions
- Howard M. Weiser, and Lenore Weiser Robert J. And Helen M.L. Stein John McLeish and Nils Parson v. United StatesCourt of Appeals for the Ninth Circuit · 1992
- Shaw v. Commissioner (In re Estate of Neumann)United States Tax Court · 1996
- Day v. CommissionerUnited States Tax Court · 1997
- Urbanek v. United StatesDistrict Court, S.D. Florida · 1994
- Breakell v. CommissionerUnited States Tax Court · 1991
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