Edward Clasby and C.T. Garrahan Insurance Agency, Inc. - Page 1
















                                 T.C. Memo. 1999-80                                   


                               UNITED STATES TAX COURT                                


              EDWARD CLASBY AND C.T. GARRAHAN INSURANCE AGENCY, INC.,                 
             Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent              


               Docket No. 1616-97.               Filed March 16, 1999.                


               Paul F. Markham, for petitioners.                                      
               Mark L. Hulse and Gary W. Bornholdt, for respondent.                   


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               COLVIN, Judge:  Respondent determined that petitioners are             
          liable for deficiencies in the excise tax imposed on prohibited             
          transactions between retirement plans and disqualified persons by           
          section 4975(a) and (b) and additions to tax as follows:                    
          Deficiencies                               Additions to tax                 
                    Sec.       Sec.               Sec.           Sec.                 
          Year          4975(a)    4975(b)        6651(a)(1)   6651(a)(2)             
          1982          $14,693      -0-            $3,306       $3,673               
          1983           16,777    -0-            3,775          4,194                
          1984      30,969         -0-            6,968          7,742                


Page:   1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011