Recklitis v. Commissioner
United States Tax Court
R determined deficiencies in P's taxable income resulting from adjustments related to P's dealings with his own closely held corporation and with another publicly held corporation of which he was both an officer and a director. Held, P's misappropriation of funds through means of several land sales was properly includable in gross income.
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R determined deficiencies in P's taxable income resulting from adjustments related to P's dealings with his own closely held corporation and with another publicly held corporation of which he was both an officer and a director. Held, P's misappropriation of funds through means of several land sales was properly includable in gross income. Held, further, P failed to adequately account under sec. 274, I.R.C. 1954, to his employer regarding business expenses which were reimbursed. Held, further: P's transfer of title to appreciated stock to a closely held corporation immediately before…
1Opinion of the Court
NlMS, Chief Judge:
Respondent determined the following deficiencies and additions to tax in petitioner’s 1974 and 1975 Federal income tax:
Additions to tax
Year Deficiency 1Sec. 6653(b) Sec. 6654
1974 $1,023,854.30 $511,927.15 $32,684.76
1975 1,532,711.14 766,355.57 66,053.40
Petitioner admits tax liability for the following items of gross income: $57,250 (1974) and $27,500 (1975) received from SCA as wages; $40,000 received or paid annually on his behalf during 1974 and 1975 by Trans World Services, Inc., pursuant to the terms of a 15-year consulting and noncompetition agreement; $400,000 of gain…
2Cases cited57 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Holland v. United StatesSupreme Court of the United States · 1955
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Gregory v. HelveringSupreme Court of the United States · 1935
- Spies v. United StatesSupreme Court of the United States · 1943
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3Cited by213 opinions
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- Cooley v. Comm'rUnited States Tax Court · 2004
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