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Temporary Income Tax Regs., 52 Fed. Reg. 22775 (June
16, 1987).
Held: Amended sec. 1.448-2T(e), Temporary Income
Tax Regs., 53 Fed. Reg. 12513 (Apr. 15, 1988), is a
permissible construction of sec. 448(d)(5), I.R.C.,
and, therefore, the amount to be excluded from income
for 1987 and 1988 pursuant to sec. 448(d)(5), I.R.C.,
must be calculated as required by the amended temporary
regulations.
Held, further: Medical supplies are a necessary
and vital part of furnishing medical services to Ps'
patients and, therefore, income attributable to medical
supplies constitutes income earned from the performance
of services for purposes of sec. 448(d)(5), I.R.C.
N. Jerold Cohen, Randolph W. Thrower, J.D. Fleming, Jr.,
Walter H. Wingfield, Stephen F. Gertzman, Reginald J. Clark,
Amanda B. Scott, Walter T. Henderson, Jr., William H. Bradley,
and John W. Bonds, Jr., for petitioners in docket No. 10663-91.
N. Jerold Cohen, Randolph W. Thrower, J.D. Fleming, Jr.,
Walter H. Wingfield, Stephen F. Gertzman, Reginald J. Clark,
Amanda B. Scott, Walter T. Henderson, Jr., William H. Bradley,
John W. Bonds, Jr., and Daniel R. McKeithen, for petitioners in
docket No. 13074-91.
N. Jerold Cohen, Walter H. Wingfield, Stephen F. Gertzman,
Amanda B. Scott, Reginald J. Clark, Randolph W. Thrower, Walter
T. Henderson, Jr., and John W. Bonds, Jr., for petitioners in
docket No. 28588-91.
N. Jerold Cohen, Reginald J. Clark, Randolph W. Thrower,
Walter T. Henderson, Jr., and John W. Bonds, Jr., for petitioners
in docket No. 6351-92.
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