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MEMORANDUM FINDINGS OF FACT AND OPINION
RUWE, Judge: Respondent determined deficiencies in
petitioners' Federal income and gift taxes and additions to tax
as follows:
Lynnda Speer, Donor
Gift tax - docket No. 6626-94
Year Deficiency
1990 $625,702
Roy M. and Lynnda L. Speer
Income tax - docket No. 6627-94
Accuracy-Related
Additions to Tax Penalty
Year Deficiency Sec. 6653(a)(1) Sec. 6661 Sec. 6662(a)
1988 $530,514 $26,526 $132,629 --
1989 774,565 -- -- $131,189
1990 1,424,760 -- -- 175,653
Roy M. Speer, Donor
Gift tax - docket No. 6628-94
Year Deficiency Sec. 6651(a)(1)
1985 $9,643 $2,411
1986 233,720 58,430
1987 1,103,590 275,898
1988 1,344,161 336,040
1989 1,444,955 361,239
1990 996,254 -0-
After concessions, the issues for decision are: (1) Whether
petitioner Roy M. Speer, the controlling shareholder of Home
Shopping Network, Inc., received constructive dividend income as
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Last modified: May 25, 2011