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nebulous or, if not remote or nebulous, the financial
condition of the defendant made unrealistic the
possibility of an actual recovery.
Stephen G. Salley and Anthony J. Scaletta, for petitioners.
William R. McCants, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
HALPERN, Judge: These cases have been consolidated for
trial, briefing, and opinion. By separate notices of deficiency,
respondent determined deficiencies in Federal income taxes as
follows:
Docket No.
Year 18581-96 25799-96 25800-96 25801-96
1991 -- $88,523 $236,376 $12,491
1990 $2,199 -- -- --
1989 16,758 -- -- --
1988 36,716 -- -- --
1 Respondent made adjustments for 1991, which decreased
petitioners’ net operating loss for 1991 and, consequently,
petitioners’ loss carrybacks to 1988, 1989, and 1990, which
created deficiencies in tax for those earlier years.
Except as otherwise noted, 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.
The common denominator in these consolidated cases is
Resource Technology Associates, Inc. (RTA), a small business
corporation within the meaning of section 1361(b). Petitioners
Ruth R. Wagner, Richard T. Wagner, Walter W. Manley II, and
Charles Lecroy were shareholders in RTA during 1991 (the
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