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Unless otherwise indicated, section references are to the
Internal Revenue Code in effect for the years in issue. Rule
references are to the Tax Court Rules of Practice and Procedure.
The issues to be decided are:
(1) Whether petitioner is required under section 1034 to
defer recognition of gain he realized on the sale of a residence
in 1990.
(2) Whether petitioner received a constructive dividend from
Golden Gate Litho in 1991.
(3) Whether petitioner is liable for the accuracy-related
penalty under section 6662(a) for 1990 and 1991.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the exhibits attached thereto are
incorporated herein by this reference. Petitioner resided in
Oakland, California, when the petition was filed in this case.
In 1980, petitioner formed Golden Gate Litho, a California
corporation (the corporation). The corporation is in the
lithography and commercial printing business. During 1991,
petitioner owned 76 percent of the corporation's stock and his
son, Donald Asher, owned 24 percent. During 1992, petitioner
owned 71 percent of the corporation's stock and his son owned 29
percent.
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