Predict your next investment

Corporation
sprintnextel.com

See what CB Insights has to offer

Investments

1

About Sprint Nextel

Sprint Nextel (NYSE:S) is a provider of comprehensive range of wireless and wireline communications services to consumer, business, and government customers.

Sprint Nextel Headquarter Location

2001 Edmund Halley Drive

Reston, Virginia, 20191,

United States

(703)433-4000

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Research containing Sprint Nextel

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Sprint Nextel in 2 CB Insights research briefs, most recently on Feb 10, 2021.

Latest Sprint Nextel News

Tax Court in Brief | Caldwell v. Commissioner | Employer Disability Compensation is Taxable Income to Employee

Jun 1, 2022

Short Summary: Paul Caldwell worked for Sprint Nextel as an account executive. His monthly income was $10,275. Through his employer he enrolled in two disability programs: the “Core Plan” and the “Buy-Up Plan”. These plans provided payment in the event Caldwell was unable to perform the material duties of his employment due to injury or sickness. The Core Plan provided 50% of his monthly income. Sprint paid all premiums under the Core Plan without any contribution from Caldwell. Caldwell paid for the Buy-Up Plan with pre-tax payroll deductions from his Sprint wages. The benefit paid 15% of his monthly salary. After suffering a knee injury, Caldwell applied for his benefits. In 2011 Caldwell received $61,187.62 and $27,204.07 under the Core Plan and Buy-Up Plan, respectively. Caldwell did not file a return for 2011. Through a substitute for return (SFR), the IRS determined that these payments were includible in Caldwell’s gross income. After taking the standard deduction and allowing one personal exemption, the IRS claimed his taxable income was $101,286 with a tax liability of $21,977. Key Issues: Is Caldwell liable for additions to tax for failure to file and pay? Primary Holdings: Caldwell had to include in gross income the disability benefits he received because the plans were paid with pre-tax dollars instead of post-tax dollars. Thus, the $88,391 received from his disability plans were properly included by the IRS. The court determined Caldwell liable for additions to tax for failure to file and pay because he did not present credible testimony nor evidence for his failure to file. Moreover, he presented no evidence or testimony on his failure to pay. Therefore, the court determined he was liable for addition to tax assessments. Key Points of Law: Burden of Proof: The IRS determined in a notice of deficiency are generally presumed correct, and the taxpayer bears the burden of proving them erroneous. Rule 142(a); see Welch v. Helvering, 290 U.S. 111, 115 (1933). The burden of proof may shift if the taxpayer produces credible evidence and has maintained all required records. See 26 U.S.C. § 7491(a)(1), (2)(B). Establishing Unreported Income: 61(a) provides that gross income means all income from whatever source derived. If income is unreported, the IRS must establish an evidentiary basis connecting the taxpayer to the income-producing activity. Weimerskirch v. Comm’r., 596 F.2d 358, 361 (9th Cir. 1979). Alternatively, the IRS may demonstrate that the taxpayer actually received such income. Edwards v. Comm’r., 680 F.2d 1268, 1270–71 (9th Cir. 1982). The IRS sufficiently meets its initial burden of production if he produces a Form W-2. Id. at 1005. This can be rebutted by the taxpayer under § 6201(d). If the IRS relies on third-party reporting, the taxpayer may assert a reasonable dispute and provide the IRS with access to and inspection of all witnesses, information, and documents within the taxpayer’s control. § 6201(d). If not, the taxpayer must prove, beyond a preponderance of the evidence, that the IRS’s determination of unreported income is arbitrary or erroneous. 104 Compensation for Injuries or Sickness: Generally, under § 104(a)(3) gross income does not include amounts received through accident or health insurance for personal injuries or sickness. However, amounts received by an employee that are (1) attributable to contributions by the employer which were not includible in the gross income of the employee or (2) are paid by the employer, are includible in the employee’s gross income. See also Tuka v. Comm’r., 120 T.C. 1, 4 (2003). Thus, as the court states, disability benefits constitute taxable income unless the premiums are paid with after-tax dollars. Additions to Tax. Failure to File: Under § 6651(a)(1) an addition to tax of 5%, of the tax required to be shown on the return for each month for which there is a failure to the return, but not to exceed 25%. The IRS has the burden of production on this point. § 7491(c). If the taxpayer shows that his failure to file was due to reasonable cause and not due to willful neglect, then no addition to tax will apply. § 6651(a)(1). Failure to Pay: 6651(a)(2) provides for an addition to tax when a taxpayer fails to timely pay the tax show on his return. The IRS meets his burden of production for this subsection when he supplies evidence of a return. § 7491(c). Moreover, an SFR which meets the requirements of § 6020(b) is treated as the return filed by the taxpayer. § 6651(g)(2). The tax will not apply if the taxpayer can show a reasonable cause exception. Insights: This case is a great review of specific types of income-producing activities which result in gross income to the taxpayer under § 61. The case also highlights some of the penalties taxpayers face if he or she has failed to file an income tax return. Additionally, the case sheds light on Tax Court procedural issues. If a taxpayer has received disability for benefits for personal injury or sickness from pre-tax dollars, then the benefits are, more likely than not, properly included in gross income. Therefore, failure to report such income may result in the IRS declaring a deficiency on the return where reporting was required. The taxpayer should keep detailed records of benefits received so that, if a third-party files an erroneous W-2, the taxpayer may then raise a reasonable dispute. If the IRS lodges an addition to tax against the taxpayer, then the taxpayer must do more than saying he did in fact file a return. If the taxpayer supplies no evidence of reasonable cause aside from testimony that he did file a return, then the taxpayer fails to establish a reasonable cause exception. The taxpayer may face an addition to tax for failure to file. Furthermore, the taxpayer will face an addition to tax for failure to pay when the IRS supplies an SFR and subsequently declares a deficiency based on that return.

Sprint Nextel Investments

1 Investments

Sprint Nextel has made 1 investments. Their latest investment was in YES Networks as part of their Series A on February 2, 2001.

CBI Logo

Sprint Nextel Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/9/2001

Series A

YES Networks

$9.47M

Yes

1

Date

2/9/2001

Round

Series A

Company

YES Networks

Amount

$9.47M

New?

Yes

Co-Investors

Sources

1

Sprint Nextel Acquisitions

1 Acquisition

Sprint Nextel acquired 1 company. Their latest acquisition was Cingular Interactive on June 30, 2007.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/30/2007

Private Equity

$99M

Acquired

1

Date

6/30/2007

Investment Stage

Private Equity

Companies

Valuation

$99M

Total Funding

Note

Acquired

Sources

1

Sprint Nextel Team

9 Team Members

Sprint Nextel has 9 team members, including current Chief Executive Officer, President, Gary D Forsee.

Name

Work History

Title

Status

Gary D Forsee

Chief Executive Officer, President

Current

William G Arendt

Chief Financial Officer, Senior Vice President

Former

John Feehan

Chief Financial Officer, Senior Vice President

Former

Mathew Oommen

Williams Communications

Chief Technology Officer

Former

Bob Azzi

Senior Vice President

Former

Name

Gary D Forsee

William G Arendt

John Feehan

Mathew Oommen

Bob Azzi

Work History

Williams Communications

Title

Chief Executive Officer, President

Chief Financial Officer, Senior Vice President

Chief Financial Officer, Senior Vice President

Chief Technology Officer

Senior Vice President

Status

Current

Former

Former

Former

Former

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.