Zarky v. Commissioner

123 T.C. 132 (2004)

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Zarky v. Commissioner

United States Tax Court
123 T.C. 132 (2004)

  • Written by Daniel Clark, JD

Facts

In 1999, Michael Zarky (plaintiff) received $874 in interest from a savings account and approximately $200,000 from brokerage sales. The bank administering the savings account withheld and remitted to the Internal Revenue Service (IRS) (defendant) $270 in taxes. Zarky did not file a tax return for the 1999 tax year. The IRS determined that Zarky should have included the brokerage sales in his taxable income and mailed Zarky a notice of deficiency in February 2003. Zarky filed a petition in the United States Tax Court challenging the deficiency and seeking a refund for the $270 in withheld taxes. At the Tax Court, the IRS conceded that it was wrong about the inclusion of the brokerage-sale revenue and that Zarky had, in fact, overpaid his 1999 taxes by $270. Nevertheless, the IRS argued that Zarky was time-barred from claiming the refund.

Rule of Law

Issue

Holding and Reasoning (Laro, J.)

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Casebooks

Tax Practice and Procedure

Key Terms

  • Deficiency NoticeAn Internal Revenue Service notice that it has determined a taxpayer’s income tax return to be in error and giving the taxpayer the right to seek a contrary determination in the United States Tax Court.
  • Income TaxA tax imposed on a person’s or entity’s income, in distinction to other types of taxes, such as transfer taxes or property taxes.
  • Tax ReturnA form filed with the Internal Revenue Service that reports information necessary for the calculation of a person’s tax liability.

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