- 2 -
3. Held, further, W may deduct, pursuant to section
212(1), I.R.C., legal and collection expenses attributable
to the collection of taxable income.
William M. Claytor, for petitioners in docket No. 20435-97.
Herman Spence III, Frank H. Lancaster, and Martin L.
Brackett, Jr., for petitioners in docket No. 21489-97.
Edwina L. Charlemagne, for respondent.
FOLEY, Judge: Respondent determined the following
deficiencies in, addition to, and penalty related to,
petitioners' Federal income tax:
John B. Young and Martha H. Young, docket No. 20435-97:
Penalty
Year Deficiency Sec. 6662(a)
1992 $636,856 $126,241
1993 98,716 19,685
Louise F. Young, f.k.a. Louise Y. Ausman, and James R. Ausman,
docket No. 21489-97:
Addition to Tax
Year Deficiency Sec. 6651(a)(1)
1992 $212,888 $21,121
1993 609,319 --
Unless otherwise indicated, all section references are to the
Internal Revenue Code in effect for the years in issue, and all
Rule references are to the Tax Court Rules of Practice and
Procedure. The cases have been consolidated for purposes of
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