In the CRSO v. Commr. case, the petitioner is a nonprofit corporation. Its sole activity involves renting out its two parcels of debt-financed commercial real estate and distributing the profits to a Section 501(c)(3) organization. The petitioner applied for tax exemption under Section 501(c)(3). In 2003, the IRS sent a final adverse determination letter to the petitioner at an incorrect address; the petitioner did not receive the letter until the IRS sent it to the petitioner's counsel in 2005. The petitioner filed its petition within 90 days of receiving the final adverse determination letter. The Tax Court held that because the IRS' initial, misdirected adverse determination letter was ineffective for purposes of triggering the 90-day period under Section 7428(b)(3), the petitioner's...
The U.S. Nuclear Regulatory Commission (NRC or the Commission) is denying a petition for rulemaking (PRM) submitted by Mr. Sherwood Martinelli (the petitioner) (PRM-50-94). The petitioner requests that the NRC amend its regulations as they relate to decommissioning and decommissioning funding. Specifically, the petitioner requests that the NRC revise its reporting requirements, restrict funding mechanisms, require deposits within 90 days to cover shortfalls regardless of cause, amend the definition of the safe storage (SAFSTOR) decommissioning option, and eliminate the ENTOMB decommissioning option.
In the Williams v. Commr. case, the Tax Court held that the petitioner, an individual S corporation shareholder, filed for bankruptcy before the corporation's yearend, operating losses sustained by the corporation during the year in which he filed for bankruptcy are reported by the bankruptcy estate, not the petitioner, because income or loss of an S corporation is determined as of the last day of the corporation's taxable year. The court held further that net operating losses to which the petitioner succeeded upon discharge in bankruptcy must be reduced by the amount of discharge of indebtedness income that was excluded from his gross income as a result of his bankruptcy discharge. The petitioner is not liable for the accuracy-related penalty under Section 6662(a) for any year at issue.
In the matter of Swallows Holding Ltd. v. Commissioner, the petitioner is a foreign corporation whose only substantial asset was unimproved land in the United States. The petitioner filed foreign corporation income tax returns for May 31, 1994-1996. The petitioner deducted expenses related to income treated as effectively connected to the conduct of trade or business in the U.S. for purposes of Section 882. Each return was filed after the due date but before any contact from the Commissioner. In the notice of deficiency, the Commissioner determined Section 882(c)(2) precluded the petitioner from deducting expenses since returns were not filed before the 18-month deadline of Reg. 1.882-4. The Court determined the timely filing requirement was invalid since it was unreasonable under plain...
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