T.C. Memo. 1997-331
UNITED STATES TAX COURT
WILLIAM N. AND MOIRA M. CARLSTEDT, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 2418-96. Filed July 22, 1997.
On the facts, Held: Ps have failed to sustain
their burden of proving that H did not materially
participate in the activity of CDI during 1990 and 1991
within the meaning of sec. 469(h)(1), I.R.C., and sec.
1.469-5T(a)(1), Temporary Income Tax Regs., 53 Fed.
Reg. 5725 (Feb. 25, 1988), and consequently Ps may not
offset certain undisputed passive losses against their
share of income from CDI for those years.
Ronald M. Soskin and Stephen E. Arthur, for petitioners.*
Ronald T. Jordan, for respondent.
* A brief amicus curiae was filed by Richard M. Lipton and
Adam Grais as attorneys for the National Realty Committee.
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