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determination that the $4,650 received by Mrs. Buckley on the
cancellation of the Systems stock options is taxable as ordinary
income under section 83(a).
Next, we consider whether petitioner is entitled to a credit
with respect to the $356 of FICA taxes withheld from the $4,650
payment received by Mrs. Buckley. Petitioner did not mention the
claimed excess FICA credit issue at trial, and we deem this issue
to be conceded.
Nevertheless, this Court’s jurisdiction in determining a
credit of FICA taxes is expressly limited by section 31(b) to
FICA taxes withheld as a result of receiving wages from more than
one employer. Chatterji v. Commissioner, 54 T.C. 1402, 1405
(1970). Section 31(b) does not apply in this case.
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be entered
for respondent.
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Last modified: May 25, 2011