§632 — Repealed. Pub. L. 94–455, title XIX, § 1901(a)(90), Oct. 4, 1976, 90 Stat. 1779]
38 cases·4 followed·2 distinguished·2 overruled·30 cited—11% support
Statute Text — 26 U.S.C. §632
[§ 632. Repealed. Pub. L. 94–455, title XIX, § 1901(a)(90), Oct. 4, 1976, 90 Stat. 1779] Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 214; Dec. 30, 1969, Pub. L. 91–172, title VIII, § 803(d)(4), 83 Stat. 684, related to tax in case of sale of oil and gas properties. Statutory Notes and Related Subsidiaries Effective Date of RepealRepeal effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §1.632-1 Tax on sale of oil or gas properties
- Treas. Reg. §Treas. Reg. §1.632-1(a) If the taxpayer, by prospecting and locating claims or by exploring or discovering undeveloped claims, has demonstrated the principal value of oil or gas property, which prior to his efforts had a relatively minor value, the portion of the tax (or, in the case of taxable years beginning before Jan.
- Treas. Reg. §Treas. Reg. §1.632-1(b) In determining the portion of the taxable income attributable to the sale of such oil or gas property or interest therein, the taxpayer shall allocate to the gross income derived from such sale, and to the gross income derived from all other sources, the expenses, losses, and other deductions properly appertaining thereto and shall apply any general expenses, losses, and deductions (which cannot properly be otherwise allocated) ratably to the gross income from all sources.
38 Citing Cases
Respondent invites us to overrule our opinion in Robinette and limit our review to the administrative record .
The - 7 - facts in the instant case are distinguishable from those in Kennedy .
To the extent practicable, a hearing under section 6320 is to be held in conjunction with a hearing under section 6330, and the conduct of the hearing is to be in accordance with the relevant provisions of section 6330 .
Pursuant to section 6323(a), on July 20, 2006„ respondent filed a notice of Federal tax lien with respect to that liability in order to protect respondent's interest in petitioner's property against other creditors of petitioner .'° Section 6323(j)(1) provides in pertinent part : (1) In general .--The Secretary may withdr
calls to Jefferson and 5 [*5] Greystar “were recorded monitored and/or eavesdropped upon without [her] knowledge or consent.” Ms. Roman subsequently amended the complaint to allege only violations of a single provision of the California Penal Code, § 632.7 (West 2012). On May 23, 2012, the Superior Court sustained Jefferson’s and Greystar’s demurrer to Ms. Roman’s amended complaint without granting her leave to amend her complaint. Ms. Roman appealed the ruling to sustain the demurrer to the Cou
632(a), 100 Stat. at 2275. Section 1374 prevents a C corporation from avoiding corporate-level taxation on the sale of appreciated assets by converting to an S corporation. - 27 - [*27] When the S corporation sells assets that it held before the conversion, the S corporation is taxed at the entity level on the net recognized gain from the sal
632(a), 100 Stat. at 2275. Section 1374 prevents a C corporation from avoiding corporate-level taxation on the sale of appreciated assets by converting to an S corporation. - 27 - [*27] When the S corporation sells assets that it held before the conversion, the S corporation is taxed at the entity level on the net recognized gain from the sal
632(a), 100 Stat. at 2275. Section 1374 prevents a C corporation from avoiding corporate-level taxation on the sale of appreciated assets by converting to an S corporation. - 27 - [*27] When the S corporation sells assets that it held before the conversion, the S corporation is taxed at the entity level on the net recognized gain from the sal
632(a), 100 Stat. at 2275. Section 1374 prevents a C corporation from avoiding corporate-level taxation on the sale of appreciated assets by converting to an S corporation. - 27 - [*27] When the S corporation sells assets that it held before the conversion, the S corporation is taxed at the entity level on the net recognized gain from the sal
632(a), 100 Stat. at 2275. Section 1374 prevents a C corporation from avoiding corporate-level taxation on the sale of appreciated assets by converting to an S corporation. - 27 - [*27] When the S corporation sells assets that it held before the conversion, the S corporation is taxed at the entity level on the net recognized gain from the sal
Respondent concedes hat petitioner did not receive the notice of deficiency for 2003 and 2004 and that petitioner was entitled to contest t e underlying liabilities for 2003 and 2004 during the section 632 /6330 hearing process.
'-SERVED FEB 2 2 Za10 1 10 Determination Concerning Collection Action(s) Under Section 632 0 and/or 63302 (determination notices) pertaining to trust fund recovery penalties (TFRPs) assessed against petitioners for the taxable periods ending September 30 and December 31, 2001, March 31, June 30, September 30, and December 31, 2002, and September 30, 2003 (periods at issue) .
MEMORANDUM OPINION MORRISON, Judge : This case arises from a petition filed by Perry and Gladys Westcot`t in response to the IRS's "Notice of Determination Concerning Collection Actions(s) Under Section 632 0 F EIWED FEB 2 3 2010 a 2 and/or Section 6330 ."' We decide that the IRS did not abuse its discretion in making the determinations reflected in the notice .
On October 21, 2005, respondent sent petitioner a Notice of Determination Concerning Collection Action(s) Under Section 632 0 'The record indicates that the Appeals Office considered petitioner's tax liabilities for the periods at issue before the notices of deficiency were issued .
SERVED Jul 20 2009 i The petition was timely filed in response to a Notice of Determination Concerning Collection Action(s) Under Section 632 0 and/or 6330 (notice of determination) .
On September 13, 2005, respondent mailed petitioner a Notice of Determination Concerning Collection Acti n under Section 632 0 and/or 6330 (notice of determination), sustaining the propose d levy because petitioner did not offer any viable collection alternative .
Petitioner sought a hearing and, ultimately, petitioned this Court on February 28, 2006, contesting respondent's February 3, 2006, Notice of Determination Concerning Collection Action(s) Under Section 632 0 SERVED JUN 2 0 ?907 - 2 - and/or 6330 (Notice of Determination), advising that the filing of the NFTL and proposed levy action for petitioner's 2001 tax liability was sustained .
A taxpayer must submit a written request for * * * [an Appeals Office hearing under section 632 within the 30-day period that commences the day aft r the end of the five business day period following the filin of the NFTL.
District court under IRC Section 632 0 or 6330 .
The relevant provisions of section 1374, as amended by TRA section 632, are clear and unambiguous.
The relevant provisions of section 1374, as amended by TRA section 632, are clear and unambiguous.
530, 548 n.13 (1998).) In TRA section 632(a), section 1374 (Tax Imposed on Certain Built-In Gains) was amended to prevent the potential circumvention of the corporate level of tax on the distribution of appreciated (built-in gain) assets by a former C corporation that held such assets at the time of its conversion to an S corporation.6 See Rondy, Inc.
530, 548 n.13 (1998).) In TRA section 632(a), section 1374 (Tax Imposed on Certain Built-In Gains) was amended to prevent the potential circumvention of the corporate level of tax on the distribution of appreciated (built-in gain) assets by a former C corporation that held such assets at the time of its conversion to an S corporation.
y Sainte Claire.5 5 Because Sainte Claire made its election to be an S corporation on Dec. 29, 1986, it is, in general, subject to taxation on its net capital gain pursuant to the provisions of sec. 1374 as it existed prior to the amendments made by sec. 632 of the Tax Reform Act of 1986, Pub. L. 99-514, 100 Stat. 2275- 2277. Tax Reform Act of 1986, Pub. L. 99-514, sec. 633(b), 100 Stat. 2277 (providing for effective date of change). Sec. 1374(a), prior to amendment, provided that, if for a taxa
y Sainte Claire.5 5 Because Sainte Claire made its election to be an S corporation on Dec. 29, 1986, it is, in general, subject to taxation on its net capital gain pursuant to the provisions of sec. 1374 as it existed prior to the amendments made by sec. 632 of the Tax Reform Act of 1986, Pub. L. 99-514, 100 Stat. 2275- 2277. Tax Reform Act of 1986, Pub. L. 99-514, sec. 633(b), 100 Stat. 2277 (providing for effective date of change). Sec. 1374(a), prior to amendment, provided that, if for a taxa