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Category Archives: Tax Court
An Incorrect 1099-C Leads to Tax Court
A taxpayer receives a notice of canceled debt income (Form 1099-C). He disputes the notice, stating that instead of the debt being canceled in 2008, the debt went away years earlier — 1996. The IRS says the notice says you … Continue reading
It Pays to Read the Lease
Today the Tax Court looked at whether a rental was passive or active. But there was a major difference from most such cases: The taxpayer claimed his lease was passive while the IRS thought it was not passive. Most of … Continue reading
IRS Acquiesces to Decision in Mayo v. Commissioner
The IRS has acquiesced to the decision in Mayo v. Commissioner; this decision will be published in the January 17, 2012 issue of the Internal Revenue Bulliten according to Linda Beale. The Mayo case allows a professional gambler to deduct … Continue reading
If You Fail Four Times, the Fifth Time Won’t be the Charm
As I’ve said, there is an income tax and you do need to pay it. Today’s petitioner in Tax Court didn’t like that idea and filed case after case in Tax Court citing frivolous arguments. In 2006, the petitioner received … Continue reading
Posted in Tax Court
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Paranomastically, Ecdysiasts Engaging in Deciduous Calisthenics (And Some Basis, too)
I need to thank Judge Mark Holmes of the Tax Court. Judge Holmes wrote an opinion today that is wonderful and has expanded my vocabulary. It’s also a great case. Robert Willson bought a bar in Des Moines, Iowa. His … Continue reading
Posted in IRS, Tax Court
Tagged StripClubs
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The Tax Court Expects a Tax Preparer to Know How to Substantiate Deductions
An unenrolled tax professional found herself in Tax Court yesterday. The IRS claimed that her claimed deductions weren’t valid; she felt she had even more deductions coming. The Court had to determine who was right. First, I’m an enrolled tax … Continue reading
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You Can’t Take It With You When You’ve Already Given It Away
If I give my brother $100, do I still have that $100? Of course not: My brother has that. The same holds true for any gift I give him; that property is now his and I have to live with … Continue reading
Posted in Tax Court
Tagged Basis, SCorporations
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No Records and Other Issues Lead to a “Pro” Being an Amateur
The Tax Court had to decide whether or not another individual was a professional gambler. On his return, he included his gambling winnings on a Schedule C (like a professional gambler). But was he truly a professional or was he … Continue reading
Is a Taxpayer Liable for the Accuracy Penalty When a Preparer Omits a 1099?
Everyone is human. Sometimes we forget that 1099 on the tax return. Today, the Tax Court looked at a case where a tax professional omitted just one 1099. The problem was that this 1099 represented $3.4 million of income, and … Continue reading
When You’re Frivolous, Reconsidering the Frivolity Can be Expensive
Every so often I report on a frivolous case at the Tax Court. You know, the people who claim that only income earned outside of the US is subject to tax, or that I’m a citizen of California, not the … Continue reading
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