T.C. Memo. 1999-47
UNITED STATES TAX COURT
MICHAEL A. CONVISER AND BARBARA L. CONVISER, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 17468-97. Filed February 17, 1999.
Robert A. Wherry, Jr., for petitioners.
Robert A. Varra, for respondent.
MEMORANDUM OPINION
COLVIN, Judge: Respondent determined that petitioners are
liable for deficiencies in Federal income tax of $4,931 for 1993,
$16,739 for 1994, and $14,229 for 1995.
After concessions, the sole issue for decision is whether
discharge of indebtedness income from an S corporation increases
petitioners' basis in that corporation. We hold that it does
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