Imhoff v. Commissioner

1970 T.C. Memo. 221, 29 T.C.M. 966, 1970 Tax Ct. Memo LEXIS 141
CourtUnited States Tax Court
DecidedJuly 29, 1970
DocketDocket No. 2633-68.
StatusUnpublished

This text of 1970 T.C. Memo. 221 (Imhoff v. Commissioner) is published on Counsel Stack Legal Research, covering United States Tax Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Imhoff v. Commissioner, 1970 T.C. Memo. 221, 29 T.C.M. 966, 1970 Tax Ct. Memo LEXIS 141 (tax 1970).

Opinion

Joseph J. Imhoff and Edith M. Imhoff v. Commissioner.
Imhoff v. Commissioner
Docket No. 2633-68.
United States Tax Court
T.C. Memo 1970-221; 1970 Tax Ct. Memo LEXIS 141; 29 T.C.M. (CCH) 966; T.C.M. (RIA) 70221;
July 29, 1970. Filed
James J. Cloran, 1100 Philadelphia Nat'l Bank Bldg., Philadelphia,Pa., for the petitioners. Max J. Hamburger, for the respondent. *142

QUEALY

Memorandum Findings of Fact and Opinion

QUEALY, Judge: The respondent determined deficiencies in petitioners' income taxes and additions with respect to those deficiencies pursuant to section 6653(a) 1 as follows:

Taxable YearDeficiencyAdditions Pursuantto Sec. 6653(a)
1961$5,479$274
1962$3,687$184
1963$4,848$242

Certain issues have been resolved by agreement of the parties. There remains for decision the questions of (1) the extent to which the petitioners used their residence in connection with their income-producing activities; and (2) whether any underpayment of tax in the years in issue was due to negligence or intentional disregard of rules and regulations within the meaning of section 6653(a).

Findings of Fact

Some of the facts have been stipulated. The stipulations and exhibits thereto are incorporated herein by this reference.

The petitioners, Joseph J. and Edith M. Imhoff, are husband and wife. At the time of the filing of their petition, the petitioners were residents of Merion Station, 967 Pennsylvania. For the*143 taxable years here in question, the petitioners jointly filed their income tax returns on a calendar year basis with the district director of internal revenue, Philadelphia, Pennsylvania.

Use of Residence

Joseph J. Imhoff was retired from the United States Army in January 1957 with the rank of Colonel. During the years in issue, Colonel Imhoff devoted approximately 50 hours a week to the supervision and management of his and his wife's stock holdings. Although the extent of these holdings was not fully set forth, the petitioners' income tax returns show that they held the following number of dividendpaying stocks in the years in issue.

TaxableYearNumber of StocksHold
196168
196273
196385

In addition, the petitioners held an unidentified number of nondividend-paying stocks.

The petitioners' returns also show the following information regarding stocks sold in the years in issue:

Taxable YearNumber of StocksSoldProceedsReceivedAverage Holding Periodin Years
196119$100,2546
19621459,9363.3
19631756,4224.7

Colonel Imhoff initiated approximately the same number of stock purchases as stock sales and*144 thus the petitioners' annual stock transactions in the years 1961 through 1963 were 38, 28 and 34, respectively.

In order to obtain the information necessary for the supervision and management of petitioners' stock holdings, Colonel Imhoff subscribed to the following investment publications: The Wall Street Transcript; The Wall Street Journal; Barrons; Value Line; RHM Service; and Standard and Poor's Foreign Securities Service.

Colonel Imhoff acted as the administrator of his deceased sister's estate. The petitioners' tax returns for the years 1961 through 1963 show no income from this activity.

Mrs. Imhoff was the owner of seven parcels of real estate located in Washington, D.C. and Arlington, Virginia. Six of these parcels were improved with commercial structures. The remaining parcel was used as a parking lot. These properties produced the following amounts of gross rental income:

Taxable YearGross RentalIncome
1961$41,098
196243,349
196342,972

During the years in issue, and for many years prior thereto, the properties were managed by H. G. Smithy Co., a realtor located in Washington, D.C.H.G.

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Trust Under the Will of Bingham v. Commissioner
325 U.S. 365 (Supreme Court, 1945)
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32 T.C. 208 (U.S. Tax Court, 1959)
Edwards v. Commissioner
39 B.T.A. 735 (Board of Tax Appeals, 1939)

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1970 T.C. Memo. 221, 29 T.C.M. 966, 1970 Tax Ct. Memo LEXIS 141, Counsel Stack Legal Research, https://law.counselstack.com/opinion/imhoff-v-commissioner-tax-1970.