Emhart Corporation & Domestic Subsidiaries - Page 1

                                 T.C. Memo. 1998-162                                  

                               UNITED STATES TAX COURT                                

              EMHART CORPORATION & DOMESTIC SUBSIDIARIES, Petitioner v.               
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 20025-95.                      Filed May 5, 1998.           

               Herbert Odell, Joel C. Weiss, Samuel M. Maruca, and Philip             
          Karter, for petitioner.                                                     
               Richard H. Gannon and Linda A. Love, for respondent.                   

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               FOLEY, Judge:  Respondent determined a $369,046 deficiency             
          in petitioner's 1984 Federal income tax.  The issue for decision            
          is whether petitioner's stock in United Shoe Machinery Portugal             
          (USMP) became worthless in 1984.  We hold that it did.  All                 

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