Miller v. Commissioner
United States Tax Court
Petitioner executed over 450 separate trades of securities, was provided office space and a desk at a stock brokerage firm, devoted his entire work day (always spent at the stock brokerage firm) and much of his spare time to investment activities and research and analysis, and considered himself a trader in securities.
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Petitioner executed over 450 separate trades of securities, was provided office space and a desk at a stock brokerage firm, devoted his entire work day (always spent at the stock brokerage firm) and much of his spare time to investment activities and research and analysis, and considered himself a trader in securities. Held, since petitioner's only income was from dividends, interest, and capital gains, he derived no "compensation" within the meaning of sec. 219, I.R.C. 1954, and accordingly is not entitled to a deduction for a $ 1,500 contribution to an individual retirement account (IRA).…
1Opinion of the Court
Ekman, Judge:
Respondent determined a deficiency of $1,134 in petitioner’s Federal income tax for the year 1977. After concessions by petitioners, remaining in issue is whether petitioners are entitled to a deduction under section 219 for a $1,500 contribution made by petitioner-husband to an individual retirement account (IRA) in 1977 and, if petitioners are not entitled to such deduction, whether they are liable for the 6-percent excise tax on excess contributions imposed by section 4973. In an amended answer, respondent asserts that if petitioners prevail and it is determined that they are…
2Cases cited7 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Orzechowski v. CommissionerUnited States Tax Court · 1978
- Richard W. And Janet Orzechowski v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1979
- Gentile v. CommissionerUnited States Tax Court · 1975
- Levin v. United StatesUnited States Court of Claims · 1979
2 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Wilkey v. Inter-Trade, Inc. (In Re Owensboro Distilling Co.)United States Bankruptcy Court, W.D. Kentucky · 1989
- Tybus v. CommissionerUnited States Tax Court · 1989
- Kobell v. Comm'rUnited States Tax Court · 2011
- Clarke v. CommissionerUnited States Tax Court · 1999
- Miller v. CommissionerUnited States Tax Court · 1981
2 more not listed; retrieve them via the Exa API.