T.C. Memo. 1999-22
UNITED STATES TAX COURT
JEROME B. CRONIN AND STACI L. CRONIN, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 18408-97. January 29, 1999.
Joseph Peck, for petitioners.
David S. Weiner, for respondent.
MEMORANDUM OPINION
LARO, Judge: Respondent determined deficiencies in
petitioners Jerome B. and Staci L. Cronin's 1991 through 1994
Federal income tax in the amounts of $7,067, $28,415, $21,134,
and $3,506, respectively. Respondent's determination was based
on the disallowance of a basis step-up petitioner Mr. Cronin
claimed with respect to stock of Impact Audio, Inc. (Impact).
Impact is an S corporation in which petitioner Mr. Cronin held a
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