William G. and Vivian Loomis - Page 1

                                 T.C. Memo. 1997-381                                  


                               UNITED STATES TAX COURT                                


                    WILLIAM G. AND VIVIAN LOOMIS, Petitioners v.                      
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 8748-95.               Filed August 20, 1997.               


               Gary C. Randall and James J. Workland, for petitioners.                
               John M. Altman and David A. Winsten, for respondent.                   


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               FAY, Judge:  Respondent determined a deficiency in peti-               
          tioners' Federal income tax for the taxable year 1991 in the                
          amount of $35,528.  After concessions, the sole issue for                   
          decision is whether petitioners must include the fair market                
          value of grain contracts in their alternative minimum taxable               
          income (AMTI) for 1991.                                                     



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