Henry Schwartz Corp. v. Commissioner
United States Tax Court
1. Held, a life insurance policy received by H in connection with the sale of all of the stock of several corporations controlled by H and W was part of the consideration for the sale of the stock, and its cash surrender value represented long-term capital gain in the year received.
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1. Held, a life insurance policy received by H in connection with the sale of all of the stock of several corporations controlled by H and W was part of the consideration for the sale of the stock, and its cash surrender value represented long-term capital gain in the year received. Held, further, the failure of H and W to report any income in respect of said life insurance policy constituted a negligent disregard of rules and regulations within the meaning of sec. 6653 (a), I.R.C. 1954, and the addition to tax was thus properly imposed. 2. Held, deductions for travel and entertainment…
1Opinion of the Court
The Commissioner determined deficiencies in income tax as follows:
Taxpayers Docket No. TYE Deficiency Addition to tax for negligence-sec. 6663(a), I.R.C. 1964 Henry Schwartz and Sydell Schwartz. Henry Schwartz Corp. 3845-70 429-72 3839-70 428-72 12/31/65 12/31/68 12/31/67 12/31/68 12/31/69 3/31/66 3/31/67 3/31/68 3/31/69 3/31/70 $16,620.17 1,840.84 1,902.19 3,761.60 2,131.17 16,789.85 29,253.21 60,042.81 54,144.14 25,108.91 $831.01
At issue is the correctness of the Commissioner’s action in (1) including in the taxable income of the individual taxpayers (husband and wife) the cash surrender…
2Cases cited14 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Ben Perlmutter and Bernice Perlmutter v. Commissioner of Internal Revenue, the Perlmutters, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1967
- Perlmutter v. CommissionerUnited States Tax Court · 1965
- Kennelly v. CommissionerUnited States Tax Court · 1971
9 more not listed; retrieve them via the Exa API.
3Cited by112 opinions
- Foster v. Comm'rUnited States Tax Court · 1983
- Paine v. CommissionerUnited States Tax Court · 1975
- Stemkowski v. CommissionerUnited States Tax Court · 1981
- Noyce v. CommissionerUnited States Tax Court · 1991
- Turner v. CommissionerUnited States Tax Court · 1995
107 more not listed; retrieve them via the Exa API.