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John F. Lyle III, Gwen D. Skinner, and Mark M. Gibson, for
petitioner.
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
dollar.
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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