T.C. Memo. 2005-283
UNITED STATES TAX COURT
TIMOTHY J. COBURN, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 6695-04. Filed December 6, 2005.
Richard A. Seigal and Mark S. Gregory, for petitioner.
Michael J. Proto, for respondent.
MEMORANDUM OPINION
WELLS, Judge: Respondent determined a deficiency in
petitioner’s 2000 Federal income tax of $277,951 and a section
6662 accuracy-related penalty of $55,590.20. The issue to be
decided is whether petitioner must recognize discharge of
indebtedness income in 2000 with respect to a loan on which
petitioner defaulted. Unless otherwise indicated, all section
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