T.C. Memo. 1996-244
UNITED STATES TAX COURT
FOUNTAIN VALLEY TRANSIT MIX, INC., Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 2114-94. Filed May 28, 1996.
Jerome Pastor and Neil Dilman, for petitioner.
Robert F. Conte, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
SCOTT, Judge: Respondent determined a deficiency in
petitioner's Federal income tax for its fiscal year ending
June 30, 1990, in the amount of $100,784, and a penalty under
section 6662(b)(2) in the amount of $24,667. Some of the issues
raised by the pleadings have been disposed of by agreement of the
parties, leaving for decision: (1) Whether petitioner is
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