MEMORANDUM FINDINGS OF FACT AND OPINION
NIMS, Judge: Respondent determined the following
deficiencies, additions to tax, and penalty in respect of
petitioners' Federal income taxes:
Additions to Tax Penalty
Taxable Sec. Sec. Sec.
Year Deficiency 6653(a) 6661 6662(a)
1988 $17,219.00 $860.95 $4,304.75 --
1989 2,152.00 -- -- $430.00
Unless otherwise indicated, all section references are to
sections of the Internal Revenue Code in effect for the years at
issue, and all Rule references are to Tax Court Rules of Practice
and Procedure.
After concessions, the issues for decision are:
(1) How much are petitioners entitled to deduct as Schedule
E expenses for real property located at 7786 Chancery Court,
Citrus Heights, California, in 1988?
(2) How much are petitioners entitled to deduct as Schedule
E expenses for real property located at 7933 Sawgrass Circle,
Citrus Heights, California, for 1988, and how much gain did
petitioners realize from its sale?
(3) Must petitioners increase their gain from the sale of
real property located at 9266 Madison Avenue, Orangevale,
California, by depreciation in the amount of $819 allowable in an
earlier year, but not taken in that year?
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