T.C. Memo. 2007-12
UNITED STATES TAX COURT
YUNG AND ANITA F. CHONG, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 19581-04. Filed January 17, 2007.
Yung and Anita F. Chong, pro sese.
Rebecca Duewer-Grenville, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
HOLMES, Judge: Yung Chong gave money to his brother to help
open a business in Beijing. He had another business in this
country, and he and his wife, Anita, claimed large deductions on
their 1998 tax return for losses from both. The Commissioner
disallowed almost all of them due to a near complete lack of
records. The Chongs blame this in part on a catastrophe suffered
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