Need Help with Agley vs Tracy Law Case

Law
Tutor: None Selected Time limit: 1 Day

http://caselaw.findlaw.com/oh-supreme-court/137605...

1. What was the issue in the case?

2. How did the Court decide the issue?

3. What was the Court's reasoning for its decision?

4. What were the facts against the issue?

5. Do you agree with the court's decision? Explain.

May 27th, 2015

Hi Jenny, the page seems not to exist. Please send me the correct web link in the dialogue so that I can be able to assist fully on this question. Thank you

May 27th, 2015

Agley v Tracy.html 

Here is the link. Hope it works. 

Thank you so much!

May 27th, 2015

I found it, thanks. let me work on it. :-)


May 27th, 2015

1.  What was the issue in the case?

The case involves appellants seeking a tax refund for taxes they had paid during a certain period of tax years when they were shareholders of particular companies

2.  How did the Court decide the issue?

  The appellants argument is flawed by the court

3.  What was the Court's reasoning for its decision?

The appellants’ argument is flawed because it assumes that distributive income from an S corporation is nonbusiness income.

4.  What were the facts against the issue

This characterization ignores the true nature of the income that appellants receive from their S corporations. Section 1366(b), Title 26, U.S. Code indicates that the character of the item distributed to a shareholder is to be determined as if the item were realized from the source from which the corporation realized the item. Thus, business income generated by an S corporation retains its status as business income as it passes through to the shareholders. As business income, it is apportioned under R.C. 5747 1 for taxation in Ohio. Thus, we reject appellants’ fourth proposition of law?

5.  Do you agree with the court's decision? Explain.

I agree with the court’s decision because one of the appellants argument ignore that taxpayer’s income tax liability is measured on the basis of taxpayer’s gross income

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May 27th, 2015

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