T.C. Memo. 2006-243
UNITED STATES TAX COURT
RAYMOND T. and PATRICIA MURPHY, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 3601-03. Filed November 9, 2006.
Gerald Katz, for petitioners.
C. Teddy Li, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
HOLMES, Judge: In December 1997, Raymond Murphy sent a
check to Philip Hunt for $225,000. Murphy says the check was for
interest that he owed Hunt on two living horses; the Commissioner
says the check was a repayment of principal on a dead one. If
Murphy is right, the entire amount is deductible; if he isn’t,
none is.
Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011