T.C. Memo. 2004-206
UNITED STATES TAX COURT
TIMOTHY J. PHELAN AND DEBORAH A. PHELAN, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 14036-02. Filed September 15, 2004.
James E. Nesland and Jeffrey A. Smith, for petitioners.
Frederick J. Lockhart, Jr. and John A. Weeda, for
respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
GERBER, Chief Judge: Respondent determined a deficiency in
petitioners’ Federal income tax for 1998 of $272,712. The sole
issue in dispute is whether the gains on sales of realty are
capital gains or ordinary income.
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