Estate of Robert L. Wagner, Deceased, Ruth R. Wagner, Personal Representative, and Ruth R. Wagner, et al. - Page 2

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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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