- 2 -
Frank Agostino, for petitioner.
Steven W. Ianacone, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
HALPERN, Judge: These consolidated cases involve the
following determinations by respondent of deficiencies in,
additions to, and penalties on petitioner's Federal income tax:
Additions to Tax & Penalties
Year Deficiency Sec. 6651(a)(1) Sec. 6661 Sec. 6662 Sec. 6663
1987 $271,885 $48,616 $67,971 -- --
1989 217,204 42,824 -- -- $162,903
1990 381,883 88,399 -- $75,524 --
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.
After concessions, the issues for decision are: (1) Whether
petitioner had sufficient basis with respect to an S corporation
for his taxable (calendar) years 1987, 1989, and 1990 to permit
him to deduct his pro rata share of the corporation’s ordinary
losses for those years in the amounts of $388,106, $651,357, and
$213,732, respectively; and (2) whether (A) the corporation
suffered a section 1231 loss from the disposition of property in
1990 and (B) petitioner had sufficient basis to permit him to
deduct his pro rata share, $1,759,987, of that loss.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011