Collins v. Commissioner
United States Tax Court
On Mar. 12, 1975, petitioner-wife established a qualified individual retirement account with Fidelity Savings & Loan Association and deposited $ 500 to the account. Fifteen percent of the amount she earned ($ 4,729.03) in 1975 was $ 709.35, which was the maximum amount of allowable contribution to her IRA.
Read the full summary
On Mar. 12, 1975, petitioner-wife established a qualified individual retirement account with Fidelity Savings & Loan Association and deposited $ 500 to the account. Fifteen percent of the amount she earned ($ 4,729.03) in 1975 was $ 709.35, which was the maximum amount of allowable contribution to her IRA. On Jan. 2, 1976, petitioner deposited $ 710 to the IRA, of which $ 209.35 was treated as a contribution for the year ended Dec. 31, 1975. Petitioner claimed a deduction of $ 709.35 for 1975 under sec. 219(a)(1), I.R.C. 1954. Respondent disallowed $ 209.35 of the claimed deduction because…
1Opinion of the Court
Wendell H. and Dorothy B. Collins, Petitioners v. Commissioner of Internal Revenue, Respondent
Collins v. Commissioner
Docket No. 6748-77
United States Tax Court
70 T.C. 785; 1978 U.S. Tax Ct. LEXIS 67;
August 29, 1978, Filed
On Mar. 12, 1975, petitioner-wife established a qualified individual retirement account with Fidelity Savings & Loan Association and deposited $ 500 to the account. Fifteen percent of the amount she earned ($ 4,729.03) in 1975 was $ 709.35, which was the maximum amount of allowable contribution to her IRA. On Jan. 2, 1976, petitioner deposited $ 710 to the IRA, of which $…
2Cases cited2 opinions
- Orzechowski v. CommissionerUnited States Tax Court · 1978
- Collins v. CommissionerUnited States Tax Court · 1978