Smith v. Commissioner
United States Tax Court
Held, respondent correctly computed petitioners' net income by the net worth method with the exception of the item for living expenses, which is found to be $ 2,000 for each year involved, and that a part of the deficiencies for each of the years 1943 through 1949 was due to fraud with intent to evade tax and, held, further, that no portion of the legal and miscellaneous expenses incurred by one petitioner in a criminal action under section 145 (b), I. R. C. 1939, which…
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Held, respondent correctly computed petitioners' net income by the net worth method with the exception of the item for living expenses, which is found to be $ 2,000 for each year involved, and that a part of the deficiencies for each of the years 1943 through 1949 was due to fraud with intent to evade tax and, held, further, that no portion of the legal and miscellaneous expenses incurred by one petitioner in a criminal action under section 145 (b), I. R. C. 1939, which action resulted in an acquittal on three of the five counts in the indictment and in a conviction on the remaining two…
1Opinion of the Court
Mulroney, Judge:
Respondent determined deficiencies in income tax and additions to tax in these consolidated cases as follows:
Docket No. Year Income tax Additions to tax under sec. 293 (b)1
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In an amended answer in Docket No. 65292 the respondent claimed the following deficiencies and additions to tax:
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The issues are (1) whether petitioners understated their income in the years 1943 through 1949, as computed by the respondent under the net worth plus personal expenditures method; (2) whether the years 1943 through 1949 are barred by the statute of limitations; (3)…
2Cases cited9 opinions
- Hunt v. BlackburnSupreme Court of the United States · 1888
- Kilpatrick v. CommissionerUnited States Tax Court · 1954
- Lillian Kilpatrick v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Lillian KilpatrickCourt of Appeals for the Fifth Circuit · 1955
- Leonard Refineries, Inc. v. CommissionerUnited States Tax Court · 1948
- Steen v. First Nat. BankCourt of Appeals for the Eighth Circuit · 1924
4 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Cirillo v. CommissionerCourt of Appeals for the Third Circuit · 1963
- Zaentz v. CommissionerUnited States Tax Court · 1979
- Parsons v. CommissionerUnited States Tax Court · 1964
- Joseph A. Cirillo and Martha R. Cirillo v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Joseph A. Cirillo and Martha R. CirilloCourt of Appeals for the Third Circuit · 1963
- Commissioner of Internal Revenue v. Michael Shapiro and Rae ShapiroCourt of Appeals for the Seventh Circuit · 1960
21 more not listed; retrieve them via the Exa API.