Reeves v. Commissioner

1979 T.C. Memo. 41, 38 T.C.M. 159, 1979 Tax Ct. Memo LEXIS 487
CourtUnited States Tax Court
DecidedJanuary 29, 1979
DocketDocket No. 4407-77.
StatusUnpublished

This text of 1979 T.C. Memo. 41 (Reeves 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
Reeves v. Commissioner, 1979 T.C. Memo. 41, 38 T.C.M. 159, 1979 Tax Ct. Memo LEXIS 487 (tax 1979).

Opinion

GEORGE E. REEVES and DOROTHY REEVES, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Reeves v. Commissioner
Docket No. 4407-77.
United States Tax Court
T.C. Memo 1979-41; 1979 Tax Ct. Memo LEXIS 487; 38 T.C.M. (CCH) 159; T.C.M. (RIA) 79041;
January 29, 1979, Filed
D. Derrell Davis, for the petitioners.
Charles L. McReynolds, for the respondent.

FEATHERSTON

MEMORANDUM FINDINGS OF FACT AND OPINION

FEATHERSTON, Judge: Respondent determined a deficiency in the amount of $ 20,877.99 in petitioners' Federal income tax for 1970 and a section 6653(a) 1/ addition to tax in the amount of $ 1,043.90. Concessions having been made by both parties on other issues, the issues remaining for decision are as follows:

*488 1. Whether petitioners omitted from their reported gross income for 1970 the proceeds of certain checks totaling $ 77,800 so that the 6-year statute of limitations provided in section 6501(e)(1)(A) is applicable.

2. Whether any part of the underpayment of taxes for 1970 was due to "negligence or intentional disregard of rules and regulations" within the meaning of section 6653(a).

FINDINGS OF FACT

Petitioners George E. Reeves and Dorothy Reeves, husband and wife, were legal residents of Mena, Arkansas, when they filed their petition. They filed a timely joint Federal income tax return for 1970 with the Internal Revenue Service Center, Austin, Texas. The notice of deficiency on which the present action is based was mailed to petitioners on February 3, 1977, by the District Director of Internal Revenue, Little Rock, Arkansas.

During 1970, petitioner George E. Reeves (hereinafter petitioner) was a partner in Reeves & Reeves, d/b/a Reeves Chevrolet Company (the partnership), a partnership engaged in automobile sales. Petitioner was entitled to a 50-percent interest in the partnership's profits and losses. On its return for 1970, the partnership reported gross receipts*489 in the amount of $ 583,032; net ordinary gain in the amount of $ 9,585; "other income" in the amount of $ 12,298; and an ordinary loss in the amount of $ 16,016.

Petitioners reported on their income tax return for 1970 petitioner's distributive share of the partnership loss in the amount of $ 8,008. For the purposes of applying section 6501(e)(1)(A), petitioner's reported gross income (i.e., his distributive share of the partnership's gross income) was $ 314,723.50, computed as follows:

Petitioner's share of the partnership's
gross receipts$ 302,457.50
Long-term capital gain from an unre-
lated partnership12,266.00
Gross income for purposes of section
6501(e)(1)(A)$ 314,723.50

In 1970, petitioners received additional gross income in the amount of $ 4,004.18 which was unrelated to the item at issue in this case.

On or about April 22, 1970, and May 6, 1970, petitioner, accompanied by four or five other men, met with George W. Morris (hereinafter Morris) an attorney and friend of petitioner, in Conroe, Texas. Conroe is approximately 18 miles from Houston. Morris did not know the men who accompanied petitioner. On both occasions, petitioner asked*490 Morris to assist in cashing certain cashiers checks.

At the first meeting, which took place in Morris' office, petitioner gave Morris five cashiers checks drawn on the Island State Bank (Island bank) at Port Aransas, Texas, and issued on April 22, 1970. The payees and the amounts of the checks are as follows:

PayeeAmount
Harry L. Weinstein$ 11,800
Harry L. Weinstein10,000
Irving B. Kramer10,000
Irving B. Kramer10,000
L. T. Tyler1,000
$ 42,800
Each check when received by Morris had been endorsed in the name of the payee.

At the second meeting, which took place in the First National Bank (National bank) in Conroe, petitioner gave Morris two cashiers checks also drawn on the Island bank and issued on May 6, 1970. The payees and the amounts of those checks are as follows:

PayeeAmount
Harry L. Weinstein$ 18,480
D. L. Howard16,520
$ 35,000
These checks had also been endorsed in the name of the payee.

On both occasions, after receiving the checks, Morris further endorsed them and presented them to the National bank for payment. Morris gave the proceeds to petitioner who then left, in company with the other men, before*491 making any distribution of the money.

In their 1970 income tax return, petitioners did not report any of the proceeds of the seven checks, totaling $ 77,800.

Free access — add to your briefcase to read the full text and ask questions with AI

Cite This Page — Counsel Stack

Bluebook (online)
1979 T.C. Memo. 41, 38 T.C.M. 159, 1979 Tax Ct. Memo LEXIS 487, Counsel Stack Legal Research, https://law.counselstack.com/opinion/reeves-v-commissioner-tax-1979.