Michael E. Yoakum - Page 2

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          Year       Deficiency   Accuracy-Related Penalty                            
                                             Sec. 6662(a)                             
          1997        $218,137          $43,627.40                                    
          1998         190,706           38,141.20                                    
          1999         167,818           33,563.60                                    
          Following concessions by the parties, we are left to decide                 
          whether petitioner may for the respective years deduct net                  
          operating loss (NOL) carryovers of $726,572, $726,572, and                  
          $703,308.1  We hold he may not.  Section references, unless                 
          otherwise indicated, are to the applicable versions of the                  
          Internal Revenue Code.  Rule references are to the Tax Court                
          Rules of Practice and Procedure.                                            
                                  FINDINGS OF FACT                                    
               Some facts were stipulated and are so found.  The                      
          stipulation of facts and the accompanying exhibits are                      
          incorporated herein by this reference.  Petitioner resided in               
          Pasadena, California, when his petition to this Court was filed.            
               During 1978, 1979, and 1980, petitioner invested in the                
          stock market primarily through the brokerage firm of Paine,                 
          Webber, Jackson & Curtis (Paine Webber).  Douglas Osborne                   
          (Osborne), a Paine Webber employee, was petitioner’s stockbroker.           


               1 The record contains sufficient evidence indicating that              
          respondent determined appropriately that petitioner was liable              
          for the referenced accuracy-related penalties.  See sec. 7491(c).           
          Because petitioner’s brief is silent as to any issue concerning             
          that determination, we treat petitioner as having conceded it in            
          full.  See Rybak v. Commissioner, 91 T.C. 524, 566 (1988); Money            
          v. Commissioner, 89 T.C. 46, 48 (1987).                                     




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