Robert H. and Mildred M. Bettisworth - Page 1

                                        T.C. Memo. 2000-30                                             

                                     UNITED STATES TAX COURT                                           

                   ROBERT H. AND MILDRED M. BETTISWORTH, Petitioners v.                                
                        COMMISSIONER OF INTERNAL REVENUE, Respondent                                   

                  Docket No. 12447-98.                Filed January 21, 2000.                          

                  Richard W. Hompesch II, for petitioners.                                             
                  Stephen P. Baker, for respondent.                                                    

                                        MEMORANDUM OPINION                                             

                  JACOBS, Judge:  Respondent determined a $45,715 deficiency in                        
            petitioners’ 1994 Federal income tax.  The deficiency primarily                            
            stems from the disallowance of a net operating loss carryover due                          
            to insufficient basis in petitioners’ S corporation stock.                                 
                  The underlying issue for decision is whether discharge of                            

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