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Leonard Ray Blanton and Betty Blanton - Page 21

Legal Research Home > US Tax Court > 1997 > Leonard Ray Blanton and Betty Blanton - Page 21

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            the disposition of his interest in South Texas Drilling as a sale                           
            in order to disguise the $38,334.50 of ordinary income                                      
            received.10                                                                                 
                  To reflect the foregoing,                                                             


                                                             Decision will be entered                   
                                                       for respondent.                                  

























            10    Based on our finding that petitioner fraudulently                                     
            underreported his income for 1978, respondent is not barred by                              
            the section 6501(a) limitations period from assessing a                                     
            deficiency against petitioner for the taxable year in issue.                                

Last modified: April 4, 2007