- 11 - Whether an affirmative act to abandon has taken place is determined from all the facts and surrounding circumstances. United Calif. Bank v. Commissioner, 41 T.C. 437, 451 (1964), affd. per curiam 340 F.2d 320 (9th Cir.1965). In this case, the record is not clear as to when or even if Geotech abandoned its investment. From the record, it appears that Geotech may have abandoned its investment in 1989 when petitioner demanded a return of his investment, a similar investment or stock in Geotech. If this is the situation, petitioner should have taken a deduction, if any was allowable, in 1989, not in 1991. Based on the record in this case, we hold that petitioner has not proved he is entitled in 1991 to a deduction resulting from an abandonment of the Rio Blanco lease. Accordingly, we hold that petitioner is not entitled to an ordinary loss in the amount of $18,750, in connection with his investment in Geotech. To reflect the foregoing and concessions, Decision will be entered for respondent.Page: Previous 1 2 3 4 5 6 7 8 9 10 11
Last modified: May 25, 2011