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
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