Finley v. Commissioner
United States Tax Court
1. Petitioners received commissions in the taxable year with respect to accident and health group insurance policies; held, the commission income does not qualify under section 107(a) of the Internal Revenue Code of 1939 so that petitioners are not entitled to allocate the income ratably to several taxable years. 2. Respondent's disallowance of additional printing expenses sustained. 3. The failure of petitioners Smith to make or file a declaration of estimated tax for 1952,…
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1. Petitioners received commissions in the taxable year with respect to accident and health group insurance policies; held, the commission income does not qualify under section 107(a) of the Internal Revenue Code of 1939 so that petitioners are not entitled to allocate the income ratably to several taxable years. 2. Respondent's disallowance of additional printing expenses sustained. 3. The failure of petitioners Smith to make or file a declaration of estimated tax for 1952, held, not due to reasonable cause and respondent's determination of an addition to tax under section 294(d)(1)(A)…
1Opinion of the Court
Train, Judge:
The respondent determined deficiencies in income tax and additions to tax for 1952 as follows:
Additions to tom Docket So. Deficiency 294(d) (1) (A) 2¡4(d)(2)
58664 (Charles O. and Shirley Finley)_$83,696.32 _ _
58665 (Calvin L. and Thelma F. Smith)- 85,496.05 $13,135.76 $7,881.45
The issues for decision are:(1) Whether Finley and Smith, as partners, are entitled to allocate income of $441,563.22 received from Continental Casualty Company in 1952, as accident and health group insurance commissions, ratably over tbe years 1946 to 1952, inclusive, pursuant to section 107(a) of the…
2Cases cited6 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Commissioner v. AckerSupreme Court of the United States · 1959
- Commissioner of Internal Revenue v. Moline Properties, Inc.Court of Appeals for the Fifth Circuit · 1942
- Myers v. CommissionerUnited States Tax Court · 1948
- Gordon v. CommissionerUnited States Tax Court · 1948
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Charles O. Finley & Co. v. CommissionerUnited States Tax Court · 1982
- Finley v. CommissionerUnited States Tax Court · 1960