BUGBEE v. COMMISSIONER

Docket No. 1322-72.

34 T.C.M. 291 (1975)

T.C. Memo. 1975-45

Howard S. Bugbee v. Commissioner.

United States Tax Court.

Filed March 3, 1975.


Attorney(s) appearing for the Case

Albert C. Lum, 811 7th St., Los Angeles, Calif., for the petitioner. Hector C. Perez, for the respondent.


Memorandum Findings of Fact and Opinion

STERRETT, Judge:

The respondent determined a deficiency in petitioner's federal income tax for the taxable year 1966 in the amount of $7,242.68. Other issues having been conceded, the sole remaining issue1 is whether petitioner has established the existence of a debtor-creditor relationship with respect to funds advanced by petitioner to one Paul Billings and thereby validated his claim...

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