Assaf F. Al Assaf and Rehab Assaf - Page 1

                                 T.C. Memo. 2005-14                                   

                               UNITED STATES TAX COURT                                

                  ASSAF F. AL ASSAF AND REHAB ASSAF, Petitioners v.                   
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 770-03.                 Filed January 31, 2005.             

               Rehab R. Assaf, for petitioners.                                       
               William F. Castor, for respondent.                                     

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               KROUPA, Judge:  Respondent determined deficiencies of $8,940           
          for 1999 and $12,486 for 2000 in petitioners’ Federal income                
          taxes.  The issue to be decided is whether the passive loss rules           
          of section 4691 preclude petitioners from deducting leasing                 

               1All section references are to the Internal Revenue Code in            
          effect for the years in issue, and all Rule references are to the           
          Tax Court Rules of Practice and Procedure, unless otherwise                 

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