Rudolph H. Beaver - Page 2

               John F. Lyle III, Gwen D. Skinner, and Mark M. Gibson, for             
               Horace Crump, for respondent.                                          

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               LARO, Judge:  Respondent determined deficiencies of                    
          $257,442, and $406,438 in petitioner’s 1997 and 1998 Federal                
          income taxes.  We decide whether petitioner may deduct for 1997             
          any portion of a theft loss that he had previously deducted for             
          1993 as a capital loss.  We hold he may not.1  Unless otherwise             
          noted, section references are to the applicable versions of the             
          Internal Revenue Code.  Rule references are to the Tax Court                
          Rules of Practice and Procedure.  Amounts are rounded to the                
                                  FINDINGS OF FACT                                    
          A.  Background                                                              
               Some facts were stipulated.  The stipulated facts and the              
          exhibits submitted therewith are incorporated herein by this                
          reference.  We find the stipulated facts accordingly.  Petitioner           
          resided in Albertville, Alabama, when he petitioned the Court.              
          He filed a 1997 Federal income tax return on which he claimed a             

               1 On the basis of our holding, we also hold as a                       
          computational matter that petitioner does not have a net                    
          operating loss in 1997 that he may carry over to 1998.                      

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