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not reviewable by any other court, and this opinion should not be
cited as authority.
Respondent determined the following deficiencies and
penalties with respect to petitioners William J. Cutts (Mr.
Cutts) and American Tank & Vessel Inc. (ATV):
Accuracy-Related
Penalty
Petitioner TYE Deficiency Sec. 6662(a)
Mr. Cutts 12/31/97 $9,838 $1,968
ATV 9/30/97 4,508 902
For convenience, we refer to the tax years collectively as
petitioners’ 1997 tax year or the 1997 year.
After giving effect to a partial concession by respondent,2
the issues remaining for decision are:
1. Whether ATV or Mr. Cutts is entitled to deductions for
expenses with respect to land and buildings known as Landmark
Hall in excess of the amounts allowed in the notices of
deficiency, and whether Mr. Cutts received constructive dividends
for Landmark Hall expenses disallowed to ATV. We hold ATV is
entitled to deduct rent and utility expenses, but not pool repair
expenses, for Landmark Hall in excess of those allowed in the
notice of deficiency. We hold Mr. Cutts received constructive
dividends for Landmark Hall utility expenses disallowed to ATV.
2Respondent concedes petitioners are not liable for the sec.
6662(a) penalty for any part of the deficiencies attributable to
adjustments for the use of Landmark Hall.
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