Mitchell v. Commissioner
United States Board of Tax Appeals
Although both petitioner, who signed and swore to the correctness of his income tax return for the year 1930, and his agent, who actually prepared such return, were grossly negligent in arriving at the cost basis of certain shares of stock sold by petitioner in the year 1930, resulting in a large overstatement of the cost of such stock and a large understatement of petitioner's net income, neither petitioner nor his agent actually knew such return was false.
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Although both petitioner, who signed and swore to the correctness of his income tax return for the year 1930, and his agent, who actually prepared such return, were grossly negligent in arriving at the cost basis of certain shares of stock sold by petitioner in the year 1930, resulting in a large overstatement of the cost of such stock and a large understatement of petitioner's net income, neither petitioner nor his agent actually knew such return was false. Held, petitioner's income tax return for 1930 was not false or fraudulent with intent to evade tax and the statute of limitations has…
1Opinion of the Court
SUPPLEMENTAL FINDINGS'OF FACT AND OPINION PURSUANT TO MANDATE OF THE COURT.
Black :
On August 15,1939, our findings of fact and opinion were promulgated in this proceeding. Seé 40 B. T. A. 424. We had before us for redetermination the deficiencies in income tax and fraud penalties which the Commissioner had determined against petitioner for the years 1925, 1926, 1928, 1929, and 1930. In the concluding paragraph of our findings of fact thus promulgated, we found (p. 441):
Petitioner’s income tax returns filed for the years 1925, 1926, 1928, and 1929 were not false or fraudulent, with intent to…
2Cases cited2 opinions
- In re Locust Bldg. Co.Court of Appeals for the Second Circuit · 1924
- Griffiths v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1931
3Cited by50 opinions
- Brittingham v. CommissionerUnited States Tax Court · 1976
- Boggs v. CommissionerUnited States Tax Court · 1985
- Hicks v. CommissionerUnited States Tax Court · 1957
- Phillips v. Comm'rUnited States Tax Court · 1984
- Ratterman v. CommissionerUnited States Tax Court · 1948
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