Winter v. Comm'r
United States Tax Court
P, as an employee of a subch. S bank, received a bonus that was repayable in part if he quit or was fired for cause. P reported the full amount of the bonus but now argues that part was a nontaxable loan. P, as a shareholder, reported his share of the company's earnings from its regulatory financial filings and not from the Schedule K-1 which the bank prepared for him.
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P, as an employee of a subch. S bank, received a bonus that was repayable in part if he quit or was fired for cause. P reported the full amount of the bonus but now argues that part was a nontaxable loan. P, as a shareholder, reported his share of the company's earnings from its regulatory financial filings and not from the Schedule K-1 which the bank prepared for him. P did not notify R of this inconsistent reporting; and only after the issuance of the notice of deficiency did R assess the income tax resulting from this inconsistent treatment. R contends: (1) The entire bonus was taxable…
1Opinion of the Court
OPINION
Goeke, Judge:
Michael Winter owned stock in the sub-chapter S bank where he worked. The bank paid him a large bonus in 2002 but then fired him and demanded part of the bonus back in 2003. On his 2002 Federal income tax return Winter reported the full amount of his bonus and his share of the bank’s income and deductions — not as those items were reported by the bank but from his own estimates of what they were.
The parties have argued mostly about the consequences of Winter’s failure to report his income from the bank in a manner consistent with the bank’s reporting on its return and…
2Cases cited6 opinions
- Hannan v. CommissionerUnited States Tax Court · 1969
- Estate of Baumgardner v. CommissionerUnited States Tax Court · 1985
- Albert E. Robinson and Rose M. Robinson v. United StatesCourt of Appeals for the Third Circuit · 1991
- Dolores J. Russell v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- Bradley v. CommissionerUnited States Tax Court · 1993
1 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Alli v. Comm'rUnited States Tax Court · 2014
- Repetto v. Comm'rUnited States Tax Court · 2012
- John E. Rogers & Frances L. Rogers v. CommissionerUnited States Tax Court · 2018
- Muncy v. Comm'rUnited States Tax Court · 2017
- Rozin v. Comm'rUnited States Tax Court · 2017
11 more not listed; retrieve them via the Exa API.