James H. Leste and Stacy Leste, et al. - Page 2

                                        - 2 -                                         
          James H. and Stacy Leste                                                    
          Docket No. 17310-94                                                         
                                   Accuracy-Related Penalty                           
          Year      Deficiency           Sec. 6662(a)                                 
          1991      $14,467             $2,893                                        

          Richard W. and Katherine J. Moore                                           
          Docket No. 17311-94                                                         
                                   Accuracy-Related Penalty                           
          Year      Deficiency           Sec. 6662(a)                                 
          1989      $37,712             $7,542                                        
          1990      15,708                   7,469                                    
          1991      18,930                   3,786                                    
          James H. Leste                                                              
          Docket No. 17312-94                                                         
                                   Accuracy-Related Penalty                           
          Year      Deficiency           Sec. 6662(a)                                 
          1989      $40,312             $8,062                                        
          1990      21,954              4,391                                         
          First Associates Mortgage Corp.                                             
          Docket No. 17420-94                                                         
          Year                  Addition to Tax  Accuracy-Related  Penalty            
          Ended     Deficiency  Sec. 6651(a)(1)        Sec. 6662(a)                   
          10/31/89  $82,867        --                  $16,573                        
          10/31/90   52,626        --                  10,525                         
          10/31/91   92,046        $12,625             18,409                         

          Unless otherwise indicated, all section references are to the               
          Internal Revenue Code in effect for the years in issue, and all             
          Rule references are to the Tax Court Rules of Practice and                  
          Procedure.                                                                  
               After concessions, the issues for decision are:                        
               (1) Whether payments made by corporate petitioner First                
          Associates Mortgage Corp. (FAMC) to Valentine Silbernagel                   
          (Silbernagel), pursuant to a consulting and noncompetition                  
          agreement, represent compensation deductible under section 162(a),          
          as petitioners contend, or additional consideration to Valentine            



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

Last modified: May 25, 2011