§11 — Tax imposed

1035, superseded by Rev.

Section 1.1502-2, Income Tax Regs., provides that the computation ofan affiliated group's tax liability shall be determined by adding together the following categories oftax: - 8 - (a) The tax imposed by section 11 on the consolidatedtaxable income for such year (see §1.1502-11 for the computation of consolidatedtaxable income); (b) The tax imposed by section 541 on the consolidated undistributed personal holding company income; (c) Ifparagraph (b) ofthis section does not apply, the aggregate o

For that reason, the aggregation rule of former section 382(a)(2), unlike the aggregation rule of section 382(l)(3)(A)(i), necessarily applied as of the date on which stock ownership was measured (in the case of former section 382(a)(2), at yearend). Accordingly, no inference can be drawn from former section 382(a)(2) as to whether, as respondent maintains, the identification of the individuals whose family members are aggregated under section 11 Persons aggregated under former sec.

We disagree with this argument.

We cannot agree that the right of first refusal was triggered by the letter of intent.

We'll start with the Supreme Court, which has held that "in cases where Congress has simply provided for review, without setting forth the standards to be used or the procedures to be followed, * * * consideration is to be confined to the administrative record and * * * no de novo proceeding may be held." United States v.

corporations are ordinarily taxed under section 11 on their worldwide income; however, subject to many exceptions, the income ofa foreign subsidiary of a U.S.

We hold that it is subject to tax.

But however it was done, because the children, were not already partners, pursuant to section 11 .2 they(cid:127)did not become substituted limited partners ; rather, the gifts were effective only to give each child a share of the profits to which th e 'Petitioners contend that section 11 .2 of the partnership agreement permits the donees to.

Overview A foreign corporation engaged in a trade or business within the United States is taxable under section 11, 55, 59A, or 1201(a) on its taxable income that is effectively connected income, see sec.

First, we observed that the proviso on which petitioner relied to distinguish its case from Palmolive Bldg. Inv’rs appeared in clause (ii) of section 1 of the subordination agreements, dealing with assignments of leases, rents and profits, rather than in clause (i), which refers to the Lenders’ priority rights to insurance or condemnation proceeds. To advance its argument, petitioner had “resort[ed] to a selective and misleading quotation of section 1” that made it appear as though the proviso a

Section 1.1502-2, Income Tax Regs., provides that the computation of an affiliated group’s tax liability shall be determined by adding together the following categories of tax: (a) The tax imposed by section 11 on the consolidated taxable income for such year (see §1.1502-11 for the computation of consolidated taxable income); (b) The tax imposed by section 541 on the consolidated undistributed personal holding company income; (c) If paragraph (b) of this section does not apply, the aggregate of

Commissioner, 115 T.C. 183, 198 (2000), affd. 282 F.3d 326 (5th Cir. 2002). 3. The Record Rule The record rule refers to the general rule of administrative law that a court can engage in judicial review of an agency action based only on consideration of the record amassed by the agency (the administrative record). 2 Pierce, Administrative Law Treatise, sec. 11.6, at 822 (4th ed. 2002). Of course, in situations where Congress has provided for de novo proceedings in the reviewing court, the record

Aubin ("Honore") nor her Estate had a claim to "delayed income" under the New York Principal and Income Act (Estates, Powers and Trust Law ["EPTL"] §11-2.1) at the date of Honore's death with respect to the shares of stock in Modern Globe, Inc.

from the termination of the vendor/customer relationship between Maritz Inc. and Katherine, Damian, or First Capitol) for $750,000, to be paid “to the Persons and in the amounts set forth on Schedule III”.3 Schedule III to the settlement agreement 3 Sec. 11.03 of the settlement agreement (wherein Maritz Inc. is referred to as Maritz) provides in relevant part: Upon receipt of the sum of $750,000 to be paid by Maritz * * * to the Persons and in the amounts set forth on Schedule III hereto * * *,

As the Court of Claims has explained: The determination of where income is derived or “sourced” is generally of no moment to either United States citizens or United States corporations, for such persons are subject to tax under section 1 and section 11, respectively, on their worldwide income.

ing this Court to redetermine those deficiencies. After concessions by the parties three issues remain for decision: (1) Whether Uniband, as a State-chartered corporation wholly owned by an Indian tribe, is subject to the corporate income tax under section 11. We hold that it is subject to tax. (2) Whether, if Uniband is subject to tax, the consolidated returns that Uniband and its sister corporation joined in filing for 1996, 1997, and 1998 were valid under section 1501. We hold that they were

iod necessary to avoid a charge to the Company's earnings for financial reporting purposes) having a Fair Market Value on the day prior to the exercise date equal to the aggregate Option exercise price ; (ii) a promissory note authorized pursuant to Section 11 of the Plan ; (iii) if the Common Stock is publicly traded, delivery of a properly executed exercise notice, together with irrevocable instructions, to (a) a brokerage firm designated by the Company to deliver promptly to the -5- Company t

Respondent determined the deficiencies shown therein by disallowing all of the deductions claimed on the subject returns and applying the corporate income tax rates of section 11 to petitioner’s gross income, as reported.

11;L2(b) against Ms.. Hurley citing "bad faith". After 5 months of litigation, the bankruptcy court dismissed Ms . Hurley' s case "for cause" under 11 U.S.C. sec. 1112 (b) . Ms. Hurley appéaled that decision to the U.S. District Court for the Eastern District of Pennsylvania, -but in June 1995, ·she withdrew her, appeal. . - 20 - respect to t

at 435–36, 474. These, like the underlying tax liability, were assessed and collected administratively. Id. By 1864, Congress had subjected taxpayers furnishing negligent or fraudulent returns to 50% and 100% additions to tax, respectively. Revenue Act of 1864, ch. 173, § 14, 13 Stat. 223, 227. Three years later, these sanctions

But, certain small insurance companies, including “microcaptive” insurers, may elect an alternative tax structure. See § 831(b). Specifically, for the tax years at issue an insurance company that makes a valid election under section 831(b) and has annual written premiums of $1.2 million or less is subject to tax only on its investment

However, section 831(b) provides an alternative taxing structure for certain small insurance companies such as the one at issue. An insurance company with net written premiums (or, if greater, direct written premiums) that did not exceed a set amount, $1.2 million for tax years through December 31, 2016, and $2.2 million for tax years

However, section 831(b) provides an alternative taxing structure for certain small insurance companies. During the years at issue, an insurance company with net written premiums (or, if greater, direct written premiums) that did not exceed $1.2 million for the year could elect to be taxed under section 831(b).52 § 831(b)(2). A small i

However, section 831(b) provides an alternative taxing structure for certain small insurance companies. During the tax years at issue, an 37 [*37] insurance company with net written premiums (or, if greater, direct written premiums) that did not exceed $1.2 million (or $2.2 million beginning in 2016) for the year could elect to be ta

It includes section 11, which imposes a tax on every corporation (with certain exceptions not relevant here).

See §§ 11, 831(a); see also Syzygy, 117 T.C.M. (CCH) at 1172. Section 831(b), however, provides an alternative taxation regime for certain small insurance companies, commonly called “microcaptive” insurers. See Avrahami, 149 T.C. at 175–76; Syzygy, 117 T.C.M. (CCH) at 1172. During 2012, the tax year at issue, an insurance company with annual written pre

Standard of Review Section 6320(b) permits a taxpayer to challenge an IRS lien filing before the Appeals Office, and section 6320(c) (incorporating section 11 6330(d)) provides for Tax Court review of an Appeals Office determination.

Upon completing his examinations regarding the target taxpayers, RA Martin forwarded to the WBO three largely identical Forms 11369 dated October 1, 2014 (one each for taxpayers 1, 2, and 3), enclosing narratives and documents from SB/SE’s examinations.13 On these Forms 11369 RA Martin checked the “Yes” box next to these questions in section 11 (“Did the whistleblower contribute to the development of facts in the audit or investigation?”): A.

In summary, the IRS makes two arguments as to why Applegarth is not entitled to his overpayment for tax year 2014: (1) section 11 [*11] 6511(b)(2) bars the overpayment and (2) section 6512(b)(3) bars the overpayment.

3 It is unclear from the record how IQP accounted for the reversal on its books and records (e.g., whether it canceled the note and booked inventory in a like amount, reversed any income previously recorded, or otherwise). 3 [*3] and records and on its 2014 tax return, which increased its cost of goods sold by those amounts. During 20

That a withholding tax imposed under chapter 3 is separate from the corporate income tax imposed by section 11, as we concluded in S–K Liquidating and InverWorld, does not establish that the withholding tax is not also an income tax.

The income tax of a consolidated group is generally equal to the tax imposed by section 11 on consolidated taxable income.

Provision Regarding Interaction with Divorce Decree Finally, with respect to the interaction of the MSA and the Divorce Decree, section 11.0 and 11.1 of the MSA provided: MERGER OF AGREEMENT IN DECREE OF DIVORCE The parties shall be bound by all the terms of this Agreement in resolving the pending divorce case .

A substitute for return made by the Secretary under section 11 6020(b) is treated as “the return filed by the taxpayer for purposes of determining the amount of the addition” under section 6651(a)(2).

Regarding partner withdrawal, Section 11.1 of the 2009 LLC Agreement provided: In the event of a Withdrawal Event, the Withdrawing Member [i.e., Partner] shall first have an option to receive as a Distribution in full consideration of all of the Units of the Member the following: (i) Member Clients.

rmining the value of a business because it shows income without financing or taxes. See Net 2 Press, Inc. v. 58 Dix Ave. Corp., 266 F. Supp. 2d 146, 163 (D. Me. 2003); 1B Harold S. Bloomenthal & Samuel Wolff, Going Public and the Public Corporation, sec. 11.18 (2020). -56- [*56] Dahl valued Jackson’s interest in Mijac, and he also used the income approach. He identified five sources of income: ! Jackson’s compositions which he also performed that were released before his death, ! Jackson’s compo

No Member shall be entitled to transfer, assign, convey, sell, encumber or in any way alienate all or any part of such Member’s Membership Interest, and no Assignee shall be admitted as a substituted Member, except as expressly provided for in Section 11.5(c) herein.

Here, the purchase agreement, at section 11.10 states: "This Agreement * * * constitutes the entire agreement between the parties hereto with respect to the subject matter hereofand supersedes any prior and contemporaneous understandings, agreements, negotiations, discussions or representations by or between the parties hereto, written or oral, with respect to such subject matter"

See Plan, at § 11.9 (formerly, § 11.8 (prior to amendment)).

to the Company as a Member in the place and stead of, or together with, as the case may be, the Memberwho has assigned or transferred his Interest(s) upon satisfaction ofall ofthe following conditions: (a) Approval ofthe Members (in accordance with Section 11.3 ofthis Operating Agreement) to such substitution shall be obtained, the granting or denial of which shall be within the sole discretion ofeach such voting Members.

to the Company as a Member in the place and stead of, or together with, as the case may be, the Memberwho has assigned or transferred his Interest(s) upon satisfaction ofall ofthe following conditions: (a) Approval ofthe Members (in accordance with Section 11.3 ofthis Operating Agreement) to such substitution shall be obtained, the granting or denial of which shall be within the sole discretion ofeach such voting Members.

This per- - 9 - mitted petitioners to be taxed at the corporate tax rate under section 11 and thus reduced their current tax liability.3 The IRS accepted petitioners' election, and petitioners paid tax of$5,518,031 on the section 951(a) inclusion for 2004.

at 1096 (1940) (codified as amended at - 46 - 45 U.S.C. sec. 352(d) (2012 & Supp. I 2013)) (all using the phrase "against equity or good conscience"); see also 5 U.S.C. secs. 5584(a), 8346(b), 8470(b) (2012); 10 U.S.C. secs. 1442, 1453(b)(2) (2012); 37 U.S.C. secs. 303a(e), 373(b) (2012); 38 U.S.C. sec. 5302(a) and (b) (2012); In

Shares may be issued either in registered form or in bearer form provided that the articles of incorporation prescribe the manner in which any required notice is to be given to shareholders ofbearer shares in conformity with section 11 ofthis Act; provided, however, that resident domestic corporations shall not be allowed to issues shares in bearer form.

ion ofthe Preferred Partner Section 10.9 ofthe agreement provided that the per share/interest consideration due a preferred partner under section 3.4 must equal "(A) the sum of (x) the amount such Corporate Partner would be entitled to obtain under Section 11 at such time ifthe Partnership were to liquidate, minus the liabilities ofthe Corporate Partner, p_lus (y) the 'Corporate Partner Excess Value'M divided by (B) the number ofoutstanding equity securities ofsuch Corporate Partner on the date

USPS misprinted or unused labels must be destroyed or returned to the USPS, as provided in the Domestic Mail Manual (see Section 11)", and agrees (in para.

ion ofthe Preferred Partner Section 10.9 ofthe agreement provided that the per share/interest consideration due a preferred partner under section 3.4 must equal "(A) the sum of (x) the amount such Corporate Partner would be entitled to obtain under Section 11 at such time ifthe Partnership were to liquidate, minus the liabilities ofthe Corporate Partner, p_lus (y) the 'Corporate Partner Excess Value'M divided by (B) the number ofoutstanding equity securities ofsuch Corporate Partner on the date

able to the closing agreement, but specific references were not necessary. The closing agreement created the accounts receivable under Rev. Proc. 99-32, supra, which states that the interest by the obligee is taxable income. Therefore a reference to sec. 11 would be redundant. Additionally, sec. 301.7121- 1(d)(2), Proced. & Admin. Regs. provides that "[a]ny tax or deficiency in tax determined pursuant to a closing agreement shall be assessed and collected * * * in accordance with the applicable

d promulgated the Uniform Fraudulent Transfer Act that had been drafted by a committee that it had appointed to study the Uniform Fraudulent Conveyance Act (UFCA), which the National Conference had promulgated in 1918. When promulgated in 1984, UFTA sec. 11, 7A (Part II) U.L.A. 203 (2006), provided that that act "shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject (continued...) - 111 - [*111] pertinent here and as discussed in det

In no event shall the trust term extend beyond the limitation period imposed by the Rule Against Perpetuities as provided in Section 11.01 ofthis Agreement.

Second, section 11.2(a) ofthe plan document incorporated the section 401(a)(13) prohibition on alienation or assigning benefits. Nevertheless, the ESOP transferred 100% ofHeidi's $286,904.53 ofvested plan assets to Richard's ESOP account in contravention of the plan document's terms. Because the ESOP failed to abide by the document's distribution and antia

11.356 (West 2012) (providing a three- year period for purposes ofprosecuting or defending in the terminated entity's name) w_ijh Mich. Comp. Laws Serv. sec. 450.1833 (LexisNexis 2014) (providing that dissolved corporations shall continue in existence for the purpose ofwinding up). Reviewing courts generally allow a reasonable period. See, e.g

d promulgated the Uniform Fraudulent Transfer Act that had been drafted by a committee that it had appointed to study the Uniform Fraudulent Conveyance Act (UFCA), which the National Conference had promulgated in 1918. When promulgated in 1984, UFTA sec. 11, 7A (Part II) U.L.A. 203 (2006), provided that that act "shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject (continued...) - 111 - [*111] pertinent here and as discussed in det

d promulgated the Uniform Fraudulent Transfer Act that had been drafted by a committee that it had appointed to study the Uniform Fraudulent Conveyance Act (UFCA), which the National Conference had promulgated in 1918. When promulgated in 1984, UFTA sec. 11, 7A (Part II) U.L.A. 203 (2006), provided that that act "shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject (continued...) - 111 - [*111] pertinent here and as discussed in det

Little Salt Little Salt, a so-called C corporation (subject to the tax on corporations imposed by section 11), was organized under the laws ofNebraska in 1960.

Little Salt Little Salt, a so-called C corporation (subject to the tax on corporations imposed by section 11), was organized under the laws ofNebraska in 1960.

income which results from a difference between the proper tax treatment ofan item to which this section applies and the taxpayer's treatment ofsuch item (as shown on the taxpayer's return oftax), and (ii) the highest rate oftax imposed by section 1 (section 11 in the case ofa taxpayerwhich is a corporation), and (B) the amount ofthe decrease (ifany) in the aggregate amount ofcredits determined under subtitle A which results from a difference between the taxpayer's treatment ofan item to which th

income which results from a difference between the proper tax treatment ofan item to which this section applies and the taxpayer's treatment ofsuch item (as shown on the taxpayer's return oftax), and (ii) the highest rate oftax imposed by section 1 (section 11 in the case ofa taxpayerwhich is a corporation), and (B) the amount ofthe decrease (ifany) in the aggregate amount ofcredits determined under subtitle A which results from a difference between the taxpayer's treatment ofan item to which th

income which results from a difference between the proper tax treatment ofan item to which this section applies and the taxpayer's treatment ofsuch item (as shown on the taxpayer's return oftax), and (ii) the highest rate oftax imposed by section 1 (section 11 in the case ofa taxpayerwhich is a corporation), and (B) the amount ofthe decrease (ifany) in the aggregate amount ofcredits determined under subtitle A which results from a difference between the taxpayer's treatment ofan item to which th

Little Salt Little Salt, a so-called C corporation (subject to the tax on corporations imposed by section 11), was organized under the laws ofNebraska in 1960.

income which results from a difference between the proper tax treatment ofan item to which this section applies and the taxpayer's treatment ofsuch item (as shown on the taxpayer's return oftax), and (ii) the highest rate oftax imposed by section 1 (section 11 in the case ofa taxpayerwhich is a corporation), and (B) the amount ofthe decrease (ifany) in the aggregate amount ofcredits determined under subtitle A which results from a difference between the taxpayer's treatment ofan item to which th

income which results from a difference between the proper tax treatment ofan item to which this section applies and the taxpayer's treatment ofsuch item (as shown on the taxpayer's return oftax), and (ii) the highest rate oftax imposed by section 1 (section 11 in the case ofa taxpayerwhich is a corporation), and (B) the amount ofthe decrease (ifany) in the aggregate amount ofcredits determined under subtitle A which results from a difference between the taxpayer's treatment ofan item to which th

income which results from a difference between the proper tax treatment ofan item to which this section applies and the taxpayer's treatment ofsuch item (as shown on the taxpayer's return oftax), and (ii) the highest rate oftax imposed by section 1 (section 11 in the case ofa taxpayerwhich is a corporation), and (B) the amount ofthe decrease (ifany) in the aggregate amount ofcredits determined under subtitle A which results from a difference between the taxpayer's treatment ofan item to which th

5 (1933). Petitioner does not contend that the burden ofproofshifts to respondent under section 7491(a) as to any issue offact. II. Petitioner's Status as an "Insurance Company" Insurance companies are subject to the corporate income tax imposed by section 11. See secs. 801(a)(1) (life insurance companies), 831(a) (other insurance companies). The taxable income ofinsurance companies, however, is computed under special rules. For P&C companies, those rules are set forth in section 832, captioned

Little Salt Little Salt, a so-called C corporation (subject to the tax on corporations imposed by section 11), was organized under the laws ofNebraska in 1960.

at 938, provides that a taxpayer may use the business standard mileage rate "with respect to an automobile that is either owned or leased by the taxpayer." The ownership requirement ofRev.

income which results from a difference between the proper tax treatment ofan item to which this section applies and the taxpayer's treatment ofsuch item (as shown on the taxpayer's return oftax), and (ii) the highest rate oftax imposed by section 1 (section 11 in the case ofa taxpayerwhich is a corporation), and (B) the amount ofthe decrease (ifany) in the aggregate amount ofcredits determined under subtitle A which results from a difference between the taxpayer's treatment ofan item to which th

Little Salt Little Salt, a so-called C corporation (subject to the tax on corporations imposed by section 11), was organized under the laws of Nebraska in 1960.

at 2989). - 7 - [*7] interest in a principal residence during the 3-yearperiod ending on the date of the purchase ofthe principal residence to which this section applies." As pertinent here, the term "purchase" is defined in section 36(c)(3) to mean "any acquisition". The only issue is whetherpetitionerpurchased the property at

Finally, section 10 ofthe plea agreement includes a standard of interpretation clause, which provides that "[i]n interpreting this document, any drafting errors or ambiguities shall not automaticallybe construed against any party, whether or not the party was involved in drafting this document", and section 11 includes an integration clause, which provides that "[t]his document constitutes the entire ag

Methane Gas Control System Under section 11 ofthe 2003 settlement agreement, Tucson agreed to install a new methane gas extraction and control system for the VML at its sole expense.

11.03(2), 1996-2 C.B. at 384.' Respondent could revoke, cancel or revise the APAs at issue ifpetitioner failed to comply with any ofthose requirements. Rev..Proc. 2004-40, sec. 10.03(3); Rev. Proc. 96-53, sec. 11.03(3). Respondent could also cancel the APAs at issue due to petitioner's misrepresentation, mistake as to a material fact, failure

value ofher gross estate. The parties have stipulated the fair market value ofthese assets, and a determination will have to be made pursuant to Rule 155. In reaching our holdings herein, we have considered all arguments made, and, to the extentnot mentioned above, we conclude they are moot, irrelevant, or withoutmerit. See supra Findings ofFact, sec. 11. - 37 - To reflect the foregoing, Decision will be entered under Rule 155.

2005); see also Huffman v.

appears o er 30 times in section 152 (2008), and it is anomalous to think that the determination ofwhether a qualifying child or relative is, on account of the citizenship test, a dependent ofa taxpayer for a taxable year ofthat individual 9See also sec. 11 ( posing a tax "for each taxable year on the taxable income ofevery corporation"); sec. 162 (allowing "as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business"). - 1

sets rates for married and unmarried individuals, heads of households, and estates and trusts. Sec. l(a)-(e); sec. 1.1-1, Income Tax Regs. A corporation’s income is not subject to tax under section 1. Rather, tax is imposed on corporate income under section 11. Accordingly, corporations are not individuals within the meaning of section 1. We now interpret the term “individual” within section 36. We must look to the entire statute as a whole. See Fla. Country Clubs, Inc. v. Commissioner, 122 T.C.

of a time constraint on citizenship in sec. 152(b)(3)(A)) is not so restricted, and it would seem to allow the retroactive qualification of a dependent (as a citizen) at any time within the period of limitations (to file an amended return). See also sec. 11 (imposing a tax “for each taxable year on the taxable income of every corporation”); sec. 162 (allowing “as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business”). S

(cid:16)042 Section 11.1 provided that the general partner could amend the partnership agreement at any time without the consent or approval of the limited partners.

by' section 11Despite` respondent's efforts 'att-the Court's, .direction , Morgan Stanley was not able to find .any-such,documents . 402(a) (5) (C) , as in effect for 1983 .12 -See. Wood -.v . Commissioner , .supra at 116 . However,- Merrill, Lynch mistakenly recorded the, stock certificates as having been transferred to another of the .taxpayer's acc

477, *_* *T[482] (1982.) ('The determination of where income is derived or "sourced" is generally of no.,moment to either United ., States citizens or United States corporations, for such persons are subject.to tax under section,1 and,section 11, respectively, on their worldwide income .') .

To this end, section 11 .5, Substituted Limited Partner, of the partnership agreement provides : No transferee of the whole or any portion of a Partnership interest owned as a Limited"Partner who is not already a Partner in the Partnership shall have to right to become a substituted Limited Partner in place of the assignor unless : (b) the written consent of th

Hanson, 219 P.3d 659, 664 (Wash. 2009). Consulting these comments and caselaw of other jurisdictions interpreting the UFTA appears especially appropriate in the light of Fla. Stat. Ann. sec. 726.112, which provides, substantially identically to UFTA sec. 11, 7A (Part II) U.L.A. 203, that the FUFTA “shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of the law among states enacting it.” These conclusions are not altered by the fact

Section 1 .41-2(b), Income Tax Regs ., provides that general and administrative expenses do not qualify as QREs, and section 11.41-2(b)(2)(i)(1), Income Tax Regs ., provides that utilities are generally treated as general and administrative expenses .

by providing mechanisms which will provide for management and procedures in Article VIII and Section 11 .01 to resolve disputes ; to provide mechanisms which will eliminate the potential in the future of any member of the family transferring his or her interest in the Partnership without first offering that interest to the other family members ; (b) To engage generally in the insurance business, to acquire, own, hold, develop and operate i

by providing mechanisms which will provide for management and procedures in Article VIII and Section 11 .01 to resolve disputes ; to provide mechanisms which will eliminate the potential in the future of any member of the family transferring his or her interest in the Partnership without first offering that interest to the other family members ; (b) To engage generally in the insurance business, to acquire, own, hold, develop and operate i

ates. See sec. 1.882-l(d), Income Tax Regs. A U.S. corporation might complain that Congress discriminated against it by requiring it to include worldwide income in total income which, after any deductions allowed by the Code, is subject to tax under sec. 11, whereas a foreign corporation conducting business in the United States must include only income which is effectively connected with the conduct of a trade or business within the United States in total income which, after any deductions allow

Quoting from Section 11 .1 of he Master Agreement, Garza's own legal opinion states : "Tran actions may be assigned to a new counterparty solely upon credit and legal approval of the new counterparty by [Deutsche Bank] , such approval to occur in writing prior to any such assignment .

If so, petitioner will be treated as a qualified personal service corporation under section 448(d)(2) and will be subject to the flat 35-percent tax rate set forth in section 11 (b) (2) .

becomes totally and permahently disabled as defined in Section (b) below while working in Covered .

A Participant shall be entitled to retire on a Disability Pension if he meets all of the following conditions : (i) He becomes totally and permanently disabled as defined in Section (b) below while working in Covered Employment, [3] and ' (ii) For Program A, B, and.C Covered Employees, he has accumulated at least 10 years of Pension Credit with at least 2 quarters of Future Service Credit at the time the total and permanent disability commences .

Section 11 .1 and 11 .3 allows the plan sponsor to "amend, modify or delete, in whole or in part, any provision of the Plan, provided the duties and responsibilities of the Trustee shall not be altered without its written consent" and states that "no amendment or reorganization may be made to this Plan which shall change or alter the fundamental pu

Section 11 .1 and 11 .3 allows the plan sponsor to "amend, modify or delete, in whole or in part, any provision of the Plan, provided the duties and responsibilities of the Trustee shall not be altered without its written consent" and states that "no amendment or reorganization may be made to this Plan which shall change or alter the fundamental pu

Speltz, the limits of section 11The deduction amounts of $705.82 in 2000 and $968.06 in 2001 constituted medical, dental, and cancer insurance premiums.

to the record rule, is the hearing record. The record rule is the general rule of administrative law that a court can engage in judicial review of an agency action only on the basis of the record amassed by the agency. 2 Pierce, Administrative Law, sec. 11.6, at 822 (4th ed. 2002); see United States v. Carlo Bianchi & Co., 373 U.S. 709, 714 (1963). Respondent recognizes that there are exceptions to the general rule; e.g., “where the administrative record fails to disclose the factors considered

This Agreement may be amended by the Manager at any time in its sole discretion, provided that (a) any amendment to Section 9(d), Section 11, the first sentence of Section 13, Section 14, the proviso to the first sentence of Section 15, Section 17, Section 18, Section 20, Section 24, this Section 29 or Section 34 hereof shall not be effective without the Initial Member’s prior written consent, which consent shall not be unreasonably withheld and (b) any amendment which materi

On the record before us, we find that petitioners have failed to carry their burden of establishing that they satisfy the applicable requirements of section 11(...continued) $5,144) is equal to approximately 4 percent of the $128,610 of gross receipts reported in Mr.

inistrative record made during the hearing. The record rule is the general rule of administrative law that a court can engage in judicial review of an agency action only on the basis of the record amassed by the agency. 2 Pierce, Administrative Law, sec. 11.6, at 822 (4th ed. 2002); see United States v. Carlo Bianchi & Co., 373 U.S. 709, 714 (1963). Petitioner responds that our holding in Robinette v. Commissioner, 123 T.C. 85 (2004), pertains to the matter and the scope of review is not limited

judicial interpretation.12 Accordingly, we hold that the judicial officer position held by Mrs. Doxtator is not a "public office" within the meaning of section 1402(c)(1). Her compensation is therefore not exempt from self-employment tax under that section. 11 Sec. 7701(a)(40), adding "Indian tribal government" as a defined term in the Internal Revenue Code, was enacted at the same time. Indian Tribal Governmental Tax Status Act of 1982, Pub. L. 97-473, sec. 203, 96 Stat. 2611. 12 In 1988, Cong

was barred from commencing a proceeding in this Court.4 Further, the automatic stay remained in effect until March 31, 2004-–7 days after the 30-day statutory filing period under sections 6320(c) and 6330(d) expired. Thus, but for the provisions of section 11 U.S.C. section 362(a)(8) and 4Had petitioner first filed a petition with this Court and then filed a bankruptcy petition, the proceeding before this Court would have been active and then stayed, thereby preserving petitioner’s ability to c

"substantial performance" and "material breach."8 Petitioner's obligation to timely file all his returns for 5 years was an express condition and so, as a general rule, is subject to strict performance. See Calamari & Perillo, The Law of Contracts, sec. 11.9, at 403 (4th ed. 1998); 13 Williston on Contracts, sec. 38:6, at 384-385 (4th ed. 2000). The relevant question should be whether there is an "excuse of conditions" that may apply. Under that doctrine, petitioner would have to show that (1)

ated in the opinion; it was at least 3 years). Under New York law, interest incurred on a loan may be deductible as an administration expense if it is necessary and the estate lacks sufficient liquid assets. See, e.g., N.Y. Est. Powers & Trusts Law, sec. 11-1.1(b)(22) (McKinney 2003). The estate bears the burden of proof on all issues in dispute in this case.¹° See Rule 142(a)(1). ¹° We treat the estate's failure to respond in answering brief to respondent's argument in opening brief as the esta

Keeley] is able to work and where there wouldn’t be a need for some type of constant treatment” is inconsistent with the definition of disability under section 11 For purposes of sec.

98-25, section 11, 1998-1 C.B. at 693, however, taxpayers are not relieved from the responsibility of retaining the hardcopy records from which the computer records were derived; i.e., bills, invoices, etc. received in the ordinary course of business. In that regard, petitioners professed to have only the Quicken printouts. Accordingly, petitioners have f

ment A deductible expense satisfies the business connection requirement only if it was “paid or incurred by the employee in connection with the performance of services as an employee of the employer.”11 Sec. 1.62-2(d)(1), Income Tax Regs.; see also sec. 11We note that in Brenner v. Commissioner, T.C. Memo. 2001- 127, we stated that expenses that “arose out of * * * [the taxpayer’s] prior employment” satisfied the business connection requirement. That conclusory statement was obviously not intend

477, 678 F.2d 180, 183 (1982) (“The determination of where income is derived or ‘sourced’ is generally of no moment to either United States citizens or United States corporations, for such persons are subject to tax under section 1 and section 11, respectively, on their worldwide income.”).

11.0501,6 but American Samoans paid the tax to American Samoa, not the United States. 5(...continued) any specified possession, and (2) income effectively connected with the conduct of a trade or business by such individual within any specified possession. * * * * * * * (d) Special Rules.--For purposes of this section-- * * * * * * * (2) Deter

477, 678 F.2d 180, 183 (1982) (“The determination of where income is derived or ‘sourced’ is generally of no moment to either United States citizens or United States corporations, for - 6 - such persons are subject to tax under section 1 and section 11, respectively, on their worldwide income.”).

477, 678 F.2d 180, 183 (1982) (“The determination of where income is derived or ‘sourced’ is generally of no moment to either United States citizens or United States corporations, for such persons are subject to tax under section 1 and section 11, respectively, on their worldwide income.”).

carried out by Alcon [P.R.] as of the date of this Agreement, if such change is the proximate cause of such claim, damages, costs or expenses, (ii) the promotion, distribution, sale and/or internal use by MedChem [P.R.] of Avitene processed by Alcon [P.R.] hereunder unless at the time of Delivery such Avitene did not meet the warranty set forth in Section 11.1 hereof and (iii) any breach by MedChem [P.R.] of its warranties and obligations under this Agreement.

1003-1006; see also Hills v. Commissioner, 72 T.C. 958, 962-963 (1979). Subsequently, for taxable years beginning after December 31, 1977, Congress limited the application of section 911 to individuals residing in camps located in hardship areas and provided a deduction in section 913 for certain living expenses for a taxpayer who

832(b)(5)(A) provides in relevant part: In general.--The term “losses incurred” means losses incurred during the taxable year on insurance contracts computed as follows: (i) To losses paid during the taxable year, deduct salvage and reinsurance recovered during the taxable year. (ii) To the result so obtained, add all unpaid losses on

Accordingly, petitioners have failed to show that the section 11 As explained supra note 10, the petitions in the cases at hand were filed before the effective date of the burden-shifting provisions of sec.

s Taxable at Corporation Rates. (1) Imposition of tax.--There is hereby imposed for each taxable year on the unrelated business taxable income (as defined in section 512) of every organization described in paragraph (2) a tax computed as provided in section 11. In making such computation for purposes of this section, the term “taxable income” as used in section 11 shall be read as “unrelated business taxable income”. (2) Organizations subject to tax.-- - 6 - (A) Organizations described in sectio

1003-1006; see also Hills v. Commissioner, 72 T.C. 958, 962-963 (1979). Subsequently, for taxable years beginning after December 31, 1977, Congress limited the application of section 911 to individuals residing in camps located in hardship areas and provided a deduction in section 913 for certain living expenses for a taxpayer who

As set forth supra in section III.A.2, section 11.1.e of the AVA limited partnership agreement accorded to the general partners the “right and authority, without the requirement of obtaining the approval or consent of the Limited Partners, to admit an additional Co-General Partner to the Partnership”.

Section 11.412(c)-12(b), Temporary Income Tax Regs., 41 Fed. Reg. 46597 (Oct. 22, 1976), automatically extends the 2-1/2-month period by another 6 months for a total of 8-1/2 months. Thus, an employer’s contributions are credited to the plan’s funding standard account for a particular plan year if the contributions are “made” within 8-1/2 months af

11-9.5 (Michie 1999). - 18 - “circumstances under which it was made, including the situation of the subject and of the parties * * * so that the judge is placed in the position of those whose language the judge is interpreting.” Or. Rev. Stat. sec. 42.220 (1999); see also Wade v. Northup, supra at 457 (parol evidence may be used to interpret

As set forth supra in section III.A.2, section 11.1.e of the AVA limited partnership agreement accorded to the general partners the “right and authority, without the requirement of obtaining the approval or consent of the Limited Partners, to admit an additional Co-General Partner to the Partnership”.

Section 11.412(c)-12(b)(1), Temporary Income Tax Regs., 41 Fed. Reg. 46597 (Oct. 22, 1976), provides: (b) Six month extension of two and one-half month period. (1) For purposes of section 412 a contribution for a plan year to which section 412 applies that is made not more than eight and one half months after the end of such - 5 - plan year shall

Section 11.94.050(1) of the Revised Code of Washington Annotated (West 1998) (RCWA 11.94.050(1)) provides that an attorney in fact does not have the power, unless specifically otherwise provided in the power of attorney, to make any gifts of property owned by the principal. Decedent’s power of attorney authorizing Mr. Christensen and Ms. Hastie to

As set forth supra in section III.A.2, section 11.1.e of the AVA limited partnership agreement accorded to the general partners the “right and authority, without the requirement of obtaining the approval or consent of the Limited Partners, to admit an additional Co-General Partner to the Partnership”.

As set forth supra in section III.A.2, section 11.1.e of the AVA limited partnership agreement accorded to the general partners the “right and authority, without the requirement of obtaining the approval or consent of the Limited Partners, to admit an additional Co-General Partner to the Partnership”.

It provided, in relevant part, as follows: The tax liability of a group for a consolidated return year shall be determined by adding together-- (a) The tax imposed by section 11 on the consolidated taxable income for such year (see [section] 1.1502-11 for the computation of consolidated taxable income); * * * Section 1.1502-11, Income Tax Regs., provided, in relevant part, as follows: (a) In general.

omplish such tax affecting, Mr. McCoy introduced a fictitious tax burden, equal to an assumed corporate tax rate of 40 percent, which he applied to reduce each future period’s earnings, before such earnings were discounted to their present value.2 2 Sec. 11 imposes a tax on the income of every corporation. Additionally, the shareholders of a C corporation, defined in sec. 1361(a)(2) as any corporation which is not an S corporation, must include in gross income any dividends received from the C c

801.40 Petitioner did not offer any 39(...continued) ratio is equal to a 10-percent operating margin. 40The pertinent portion of the Motor Carrier Act of 1980, Pub. L. 96-296, sec. 11, 94 Stat. 801, provided: ZONE OF RATE FREEDOM FOR MOTOR CARRIERS OF PROPERTY AND FREIGHT FORWARDERS Sec. 11. Section 10708 of title 49, United State

It provided, in relevant part, as follows: The tax liability of a group for a consolidated return year shall be determined by adding together— (a) The tax imposed by section 11 on the consolidated taxable income for such year (see [section] 1.1502-11 for the computation of consolidated taxable income); * * * Section 1.1502-11, Income Tax Regs., provided, in relevant part, as follows: (a) In general.

reated doctrine. See, - 22 - e.g., Fifth Ave.-Fourteenth St. Corp. v. Commissioner, 147 F.2d 453, 457 (2d Cir. 1945); Dallas Transfer & Terminal Warehouse Co. v. Commissioner, 70 F.2d 95, 96 (5th Cir. 1934); Mertens, Law of Federal Income Taxation, sec. 11.42 (rev. 1990). Section 108 codified the judicially created insolvency exception as an exclusion. Merkel v. Commissioner, 109 T.C. _____ (1997); Estate of Delman v. Commissioner, 73 T.C. 15, 32 (1979). Section 108 was enacted by the Bankruptcy

Hill Rd., Grand Blanc 154,000 329,000 Vacant Land S/E 1/4 of section 17, Porter Rd., Grand Blanc $45,000 Holly Rd., Holly Township 190,000 Section 11, Hill Rd.--West of NBD Bank, Grand Blanc 45,000 S/E corner of Reid Rd.

Section 831 imposes taxes computed as provided in section 11 on the taxable income of insurance companies other than life insurance companies.14 Section 832(c) provides deductions for purposes of computing the taxable income of an insurance company, inter alia, for all ordinary and necessary expenses incurred and for losses incurred.

ise payable to the Dealership or its - 47 - successor. Under the escrow arrangement there was accordingly a separation of legal and beneficial ownership with respect to specific property that was inconsistent with a mere bailment. See Bogert, supra sec. 11, at 122-123. The Escrow Trustees exercised some discretion over the investment of the reserves and the release of unconsumed reserves; through their audit authority, they also supervised the Dealerships' compliance with the terms of the VSC pr

11-2-401(2) (1994) provides in pertinent part: Unless otherwise explicitly agreed title passes to the buyer at the time and place at which the seller completes his performance with reference to physical delivery of the goods * * * - 12 - maintain inventories, petitioner relies heavily on Simon v. Commissioner, 176 F.2d 230 (2d Cir. 1949) (buy

In particular, petitioner relies on section 1.267(a)- 3(b)(1), Income Tax Regs.11 Petitioner argues that section 11 Petitioner acknowledges and we note that the regulation relied upon was published Dec.

In the Nature of Workmen's Compensation Petitioner does not here argue that section 11 of the City ordinance is actually a worker's compensation statute.

11-9.5 (Michie Supp. 1992). The court in Estate of Ridenour v. Commissioner, supra at 334, stated that the statute expanded and clarified the legal standard applied in Estate of Casey v. Commissioner, 948 F.2d 895 (4th Cir. 1991), revg. T.C. Memo. 1989-511. The court went on to say that Estate of Casey “stands for the proposition that to infer

11-4-403 (1991); Hardeman v. State, 268 S.E.2d 415, 417 (Ga. Ct. App. 1980); Fulton Natl. Bank v. Delco Corp., 195 S.E.2d 455 (Ga. Ct. App. 1973); Mason v. Blayton, 166 S.E.2d 601, 603 (Ga. Ct. App. 1969); Stewart v. Western Union Tel. Co., 64 S.E.2d 327, 329 (Ga. Ct. App. 1951). Due to her power to stop payment of the checks before the bank p

882(a) provides: (1) In General.--A foreign corporation engaged in trade or business within the United States during the taxable year shall be taxable as provided in section 11 or 1201(a) on its taxable income which is effectively connected with the conduct of a trade or business within the United States.

ise payable to the Dealership or its - 47 - successor. Under the escrow arrangement there was accordingly a separation of legal and beneficial ownership with respect to specific property that was inconsistent with a mere bailment. See Bogert, supra sec. 11, at 122-123. The Escrow Trustees exercised some discretion over the investment of the reserves and the release of unconsumed reserves; through their audit authority, they also supervised the Dealerships' compliance with the terms of the VSC pr

With 5-year averaging, the tax is imposed in the year of distribution, but the amount of the tax is equal to the tax on 1/5 of the distribution multiplied by 5, giving the taxpayer the advantage of lower tax rates on the smaller amount of income.5 Under section 11.402(e)(4)(B)-1(c)(1), Temporary Income Tax Regs., 40 Fed.

ise payable to the Dealership or its - 47 - successor. Under the escrow arrangement there was accordingly a separation of legal and beneficial ownership with respect to specific property that was inconsistent with a mere bailment. See Bogert, supra sec. 11, at 122-123. The Escrow Trustees exercised some discretion over the investment of the reserves and the release of unconsumed reserves; through their audit authority, they also supervised the Dealerships' compliance with the terms of the VSC pr

ments of the processing fees by Dura-Craft to Northwest were shams. Dura-Craft is a subchapter C corporation, and Northwest is a subchapter S corporation as defined in section 1361. The profits of a C corporation are subject to corporate income tax, sec. 11, and any distributions to shareholders are then subject to the shareholders' personal income tax, secs. 61(a), 316. The profits of a subchapter S corporation, however, are generally not subject to a corporate tax, sec. 1371(a), but pass throu

1996). If the timberland were partitioned, a purchaser would pay an amount equal to the present value of (1) the cash-flow expected under Barge management for the period until partition (minus the costs of partition, which would be divided equally over the partition period), and (2) the value of - 10 - the interest on partition

ments of the processing fees by Dura-Craft to Northwest were shams. Dura-Craft is a subchapter C corporation, and Northwest is a subchapter S corporation as defined in section 1361. The profits of a C corporation are subject to corporate income tax, sec. 11, and any distributions to shareholders are then subject to the shareholders' personal income tax, secs. 61(a), 316. The profits of a subchapter S corporation, however, are generally not subject to a corporate tax, sec. 1371(a), but pass throu

Section 831 imposes taxes computed as provided in section 11 on the taxable income of insurance companies other than life insurance companies.14 Section 832(c) provides deductions for purposes of computing the taxable income of an insurance company, inter alia, for all ordinary and necessary expenses incurred and for losses incurred.

ments of the processing fees by Dura-Craft to Northwest were shams. Dura-Craft is a subchapter C corporation, and Northwest is a subchapter S corporation as defined in section 1361. The profits of a C corporation are subject to corporate income tax, sec. 11, and any distributions to shareholders are then subject to the shareholders' personal income tax, secs. 61(a), 316. The profits of a subchapter S corporation, however, are generally not subject to a corporate tax, sec. 1371(a), but pass throu

In sum, we do not find that the statutory language manifests congressional intent as to what method is to be employed to calculate the Uncollectible Amount, and we conclude that section 11 (...continued) - 28 - 448(d)(5) is ambiguous as to the meaning of "experience".

Section 4975(c)(1)(A) defines a prohibited transaction as including any "sale or exchange, or leasing, of any property between a plan[11] and a disqualified person".12 Section 11 A "plan" is defined by sec.

for which the liability is settled will not be treated as discharge of indebtedness income. United States v. Hall, 307 F.2d 238 (10th Cir. 1962); N. Sobel, Inc. v. Commissioner, 40 B.T.A. 1263, 1265 (1939); 2 Mertens, Law of Federal Income Taxation, sec. 11.19 (1996). Petitioners argue that the economic realities of the transaction before us reflect that the $1 million stated.purchase price for the Ranch was inflated, that it did not accurately reflect the fair market value of the Ranch, and eff

c. 882(a)(1). Effectively connected income can originate from sources within the United States, sec. 864(c)(2) and (3), or from sources without the United States, sec. 864(c)(4), and is taxed at the same rates that apply to a U.S. corporation under section 11. Under the second regime, a flat tax of 30 percent is imposed on a foreign corporation’s gross income from "interest (other than original issue discount as defined in section 1273), dividends, rents, salaries, wages, premiums, annuities, co

c. 882(a)(1). Effectively connected income can originate from sources within the United States, sec. 864(c)(2) and (3), or from sources without the United States, sec. 864(c)(4), and is taxed at the same rates that apply to a U.S. corporation under section 11. Under the second regime, a flat tax of 30 percent is imposed on a foreign corporation’s gross income from "interest (other than original issue discount as defined in section 1273), dividends, rents, salaries, wages, premiums, annuities, co

In sum, we do not find that the statutory language manifests congressional intent as to what method is to be employed to calculate the Uncollectible Amount, and we conclude that section 11 (...continued) - 28 - 448(d)(5) is ambiguous as to the meaning of "experience".

The interest rate for each of the 5 years was computed as the sum of the investment income and the realized gains and losses, divided by the book value of the total investments of the Retirement System. Id. 5 See sec. 414(h). - 6 - When petitioner transferred from the Retirement System to the Pension System, she had attained th

In sum, we do not find that the statutory language manifests congressional intent as to what method is to be employed to calculate the Uncollectible Amount, and we conclude that section 11 (...continued) - 28 - 448(d)(5) is ambiguous as to the meaning of "experience".

) of a failure by the Borrower to perform or - 13 - observe any other covenant, agreement or undertaking under this Agreement, or any covenant, agreement or undertaking under the Lease, or under any agreement contemplated by the second paragraph of Section 11 hereof to which Borrower is a party, or under any other agreement or document given to evidence or secure any of the Secured Obligations; (c) of the occurrence of an Event of Default (as therein defined) under the Lease or of a default by L

) of a failure by the Borrower to perform or - 13 - observe any other covenant, agreement or undertaking under this Agreement, or any covenant, agreement or undertaking under the Lease, or under any agreement contemplated by the second paragraph of Section 11 hereof to which Borrower is a party, or under any other agreement or document given to evidence or secure any of the Secured Obligations; (c) of the occurrence of an Event of Default (as therein defined) under the Lease or of a default by L

In particular, section 511(a)(2)(A) provides that an organization described in section 501(c) that is exempt from taxation under section 501(a) may be subject to the imposition of a tax computed as provided in section 11 for each taxable year in which such organization earns unrelated business taxable income as defined in section 512.

After applying the section 11 corporate income tax rates (see sec.