Barnett v. Commissioner
United States Tax Court
Petitioner formerly was employed as the chief executive officer of a bank. Upon retirement, he entered into an agreement to provide consulting services to the bank for $ 1,000 per month. Petitioner also agreed not to provide similar services to any of the bank's competitors in Tyler, Tex. Although he did not in fact perform services for anyone but the bank, petitioner was available to provide consulting services to banks and other financial institutions.
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Petitioner formerly was employed as the chief executive officer of a bank. Upon retirement, he entered into an agreement to provide consulting services to the bank for $ 1,000 per month. Petitioner also agreed not to provide similar services to any of the bank's competitors in Tyler, Tex. Although he did not in fact perform services for anyone but the bank, petitioner was available to provide consulting services to banks and other financial institutions. Held, based on the entire record, petitioner was engaged in a trade or business for which he received self-employment income, taxable under…
1Opinion of the Court
OPINION
Tietjens, Judge:
Respondent has determined a deficiency in petitioners’ Federal self-employment tax for 1972 in the amount of $589.97. The issue is whether money received by petitioner Burleigh F. Barnett under a contract between him and Citizens First National Bank of Tyler is self-employment income subject to tax under section 1401.1
This case was fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and attached exhibits are incorporated herein by reference.
Petitioners timely filed a joint Federal income tax return for 1972 with the…
2Cases cited7 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Snow v. CommissionerSupreme Court of the United States · 1974
- Gentile v. CommissionerUnited States Tax Court · 1975
2 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Gestrich v. CommissionerUnited States Tax Court · 1980
- Richard Gajewski v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1983
- Hornaday v. CommissionerUnited States Tax Court · 1983
- Fred W. Steffens and Margaret T. Steffens v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Eleventh Circuit · 1983
- Green v. CommissionerUnited States Tax Court · 1980
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