- 2 - owned by Lloyd L. Barber (petitioner). Resolution of this issue depends upon whether a timely election on Form 2553 was filed on behalf of the corporation. All section references are to the Internal Revenue Code in effect for the years under consideration. All Rule references are to the Tax Court Rules of Practice and Procedure. FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts and the attached exhibits are incorporated herein by this reference. At the time petitioners filed their petition, they resided in Anchorage, Alaska. Legal Search, Inc. (Legal Search) was incorporated in Alaska on December 2, 1993. It performed legal research and prepared legal documents through petitioner, a self-taught paralegal. Respondent's records do not reflect that an election was ever made by Legal Search on Form 2553 for treatment as a small business corporation. (A May 18, 1999, Certification of Lack of Record to this effect was secured from the Custodian of Records for the Ogden Service Center and is part of the record.) On April 17, 1996, the Internal Revenue Service (IRS) received petitioners' Federal income tax return, Form 1040, for 1995. On the return, petitioners reported an $8,613 pass-through loss from Legal Search, which petitioners claim is an S corporation. BecausePage: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011