Matheson v. Commissioner
United States Tax Court
Held, that part of sec. 1.165-11(e), Income Tax Regs., which imposes a 90-day time limitation for revoking an election is invalid because a time limitation for revoking an election, which is shorter than the time limitation for making an election under sec. 165(h), I.R.C. 1954, as amended, effectively frustrates the purpose of the statute.
1Opinion of the Court
OPINION
Tietjens, Judge:
Respondent determined a deficiency of $10,514 in petitioners’ Federal income tax for 1976.1 The sole issue for our determination is whether petitioners may revoke their election under section 165(h).2
This case was fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and exhibits attached thereto are incorporated herein by reference.
Petitioners, cash basis taxpayers, timely filed joint Federal income tax returns for 1975 and 1976. At the time they filed their petition, petitioners resided at Palm Desert, Calif.
Petition…
2Cases cited13 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Commissioner v. HansenSupreme Court of the United States · 1959
- Taylor v. CommissionerUnited States Tax Court · 1977
- Sperapani v. CommissionerUnited States Tax Court · 1964
- Columbia Iron & Metal Co. v. CommissionerUnited States Tax Court · 1973
8 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- BBS Associates, Inc. v. CommissionerUnited States Tax Court · 1980
- Armco, Inc. v. CommissionerUnited States Tax Court · 1987
- Holmes v. United StatesDistrict Court, W.D. New York · 1994
- Armco, Inc. v. CommissionerUnited States Tax Court · 1987
- BBS Associates, Inc. v. CommissionerUnited States Tax Court · 1980
13 more not listed; retrieve them via the Exa API.