EDGAR v. COMMISSIONER

Docket No. 5375-77.

39 T.C.M. 816 (1979)

T.C. Memo. 1979-524

Virginia G. Edgar v. Commissioner.

United States Tax Court.

Filed December 31, 1979.


Attorney(s) appearing for the Case

Lewis P. Terrell, 2227 34th St., Lubbock, Tex., for the petitioner. David L. Jordan and Douglas R. Fortney, for the respondent.


Memorandum Findings of Fact and Opinion

FEATHERSTON, Judge:

For the years 1971, 1972, 1973, 1974, and 1975, respondent determined deficiencies in petitioner's Federal income tax in the respective amounts of $49.69, $73.02, $657.82, $1,000.78, and $615.33. Due to concessions by the parties, the issues remaining for decision are:

1. Whether a loan of $20,000 by petitioner to Lake Havasu Estates on March 27, 1972, was wholly worthless in 1973, and if...

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