Cesarini v. United States case brief
ANALYSIS:
---
Interested in learning how to get the top grades in your law school classes? Want to learn how to study smarter than your competition? Interested in transferring to a high ranked school?
296 F. Supp. 3, 1969 U.S. Dist. 69-1
U.S. Tax Cas. (CCH) P9270; 23 A.F.T.R.2d (RIA) 997
CASE SYNOPSIS: Plaintiff taxpayers
filed an action for the recovery of income tax payments made plus
interest on an amount of money they found inside a piano they owned;
in the alternative, plaintiffs requested the money be treated as
capital gains.
FACTS: Plaintiffs filed an action against defendant federal government, contending that taxes paid on money they found inside of a piano was erroneous and they were entitled to a refund of that money, along with interest.
FACTS: Plaintiffs filed an action against defendant federal government, contending that taxes paid on money they found inside of a piano was erroneous and they were entitled to a refund of that money, along with interest.
ANALYSIS:
The court found plaintiffs were unable
to point to any inconsistency between the gross income sections of
the Internal Revenue Code, 26 U.S.C.S. § 61(a), the interpretation
of them by the regulations and the courts, and the revenue ruling
they attacked as inapplicable, Treas. Reg. § 1.61-14. On the other
hand, defendant showed a consistency in letter and spirit between the
ruling and the code, regulations, and court decisions. Since the
statutes and rules clearly included treasure trove in calculations of
gross income, plaintiffs were not entitled to a refund. Moreover,
plaintiffs did not sell or exchange either the piano or the money, so
no capital gains could be realized on either the money or the
piano.
CONCLUSION: The court denied the refund and found plaintiffs were not entitled to capital gains treatment on the income item at issue.
CONCLUSION: The court denied the refund and found plaintiffs were not entitled to capital gains treatment on the income item at issue.
Interested in learning how to get the top grades in your law school classes? Want to learn how to study smarter than your competition? Interested in transferring to a high ranked school?
No comments:
Post a Comment