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At trial, petitioner alleged that he made some telephone
calls to Mr. Trueheart concerning his claims. However,
petitioner admitted that his telephone calls were unanswered, and
he did not persist in making contact with Mr. Trueheart.
At trial, petitioner also alleged that he had health
problems that prevented him from actively pursuing his claim
against Mr. Suiter until 1992. Despite these allegations,
petitioner was actively involved in the commercial real estate
market in 1991. Indeed, on his Schedule C for that year,
petitioner deducted travel expense in the amount of $9,509.
Thus, we cannot credit petitioner's allegation that health
problems prevented him from pursuing his claims against Mr.
Suiter in 1991.
Based on the foregoing, we find that petitioner had no
reasonable prospect of recovering the $55,000 from Mr. Suiter
after 1990. We uphold respondent's determination that
petitioner's loss from the transaction with Mr. Suiter was not
sustained in 1992. Petitioner's loss is therefore not deductible
in 1992.
To reflect our disposition of the disputed issue,
Decision will be entered
for respondent.
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