- 3 - Trust Co. of N.Y. (USTCNY); (3) whether petitioner had taxable income in 1990 in the amount of $408,623 as a result of a purported distribution from his IRA at USTCNY; (4) whether petitioner is entitled to any losses or deductions in 1992 as a result of a forced Internal Revenue Service (IRS) tax sale of his personal residence; (5) whether petitioner is entitled to $47,418 of ordinary losses in 1993 as a result of forced IRS tax sales of three of his New Mexico properties; (6) whether petitioner is entitled to any other deductible losses during the years in issue; and (7) whether petitioner is liable for the additions to tax pursuant to sections 6651(a)(1) and 6654(a) for all the years in issue.3 All section references are to the Internal Revenue Code in effect for the years in issue. All Rule references are to the Tax Court Rules of Practice and Procedure. Some of the facts have been stipulated, and the stipulations of facts are incorporated in our findings by this reference. 3 In his posttrial brief, petitioner raised for the first time: (1) That respondent's deficiency determination for 1988 is arbitrary and capricious; and (2) that he is entitled to a casualty loss for 1991 as a result of damage to his airplane arising from a midair collision. Both of these matters were untimely raised. Nevertheless, we conclude that respondent's 1988 deficiency determination is not arbitrary or capricious and that there is nothing in the record to support petitioner's entitlement to a casualty loss for 1991.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
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