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James H. Japhet
Year Deficiency
1993 $13,636
James H. Japhet Enterprises, Inc.
FYE Oct. 31 Deficiency
1993 $13,429
The sole issue for decision is whether the fair market value
of an apartment building petitioner James H. Japhet Enterprises,
Inc., sold to its sole shareholder, petitioner James H. Japhet,
on August 10, 1993, was $106,000, as petitioners contend;
$139,900, as respondent contends; or some other amount. We hold
that it was $106,000. As a result of our holding, we conclude
that petitioner James H. Japhet did not receive a constructive
dividend in 1993 on the sale of the apartment building, and that
petitioner James H. Japhet Enterprises, Inc., recognized no gain
in fiscal year 1993 on that sale.
References to petitioner are to James H. Japhet. References
to petitioner corporation are to James H. Japhet Enterprises,
Inc. Section references are to the Internal Revenue Code in
effect during the year in issue. Rule references are to the Tax
Court Rules of Practice and Procedure.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
A. Petitioner and Petitioner Corporation
Petitioner resided in San Antonio, Texas, when he filed his
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