- 10 - Co. v. Commissioner, 54 Fed. Appx. 100 (3d Cir. 2002); sec. 31.3121(d)-1(b), Employment Tax Regs. Petitioner was a statutory employee because at all relevant times he served as Western’s president, worked in all significant aspects of Western’s business, performed substantial services for Western in his capacity as an officer, and obtained remuneration for such services from Western as his needs arose. IV. Pension Plan Recovery Petitioners received and retained an $11,677 recovery that belonged to the pension plan. Petitioners contend that these funds were rolled over into an Individual Retirement Account, but their testimony on this issue was unconvincing, and they did not present any supporting documentation. Accordingly, the $11,677 must be included in income. V. Schedule C Expenses For depreciation purposes, automobiles are classified as 3- year property. Rev. Proc. 83-35, 1983-1 C.B. 745. The period for depreciation of an asset begins when the asset is placed in service and ends when the asset is retired from service. Sec. 1.167(a)-11(e)(1), Income Tax Regs. Petitioners contend that the automobile was not placed in service until 1990 because the engine failed in 1985, and the automobile could not be used for a few years. Petitioners further contend that, pursuant to sectionPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011