William H. Maloof - Page 1

                                 T.C. Memo. 2005-75                                   

                               UNITED STATES TAX COURT                                

                          WILLIAM H. MALOOF, Petitioner v.                            
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket Nos. 15211-02, 17951-03.   Filed April 6, 2005.                 

               Donald J. O’Connor, for petitioner.                                    
               Anita A. Gill, for respondent.                                         

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               KROUPA, Judge:  Respondent determined deficiencies in                  
          petitioner’s Federal income tax by disallowing operating losses             
          sustained by an S corporation in which petitioner was the sole              
          shareholder.  After concessions, the sole issue before the Court            
          is whether petitioner is entitled to increase his adjusted basis            
          in the S corporation by $4 million, the amount of a loan a third            

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