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LaSTAITI v. COMMISSIONER

Docket No. 6067-77.

41 T.C.M. 511 (1980)

T.C. Memo. 1980-547

Gustave and Elsa LaStaiti v. Commissioner.

United States Tax Court.

Filed December 8, 1980.

Attorney(s) appearing for the Case

Edward F. Hines, Jr., Samuel B. Bruskin, and Mitchell H. Kaplan, 60 State St., Boston, Mass., for the petitioners. W. Terrence Mooney, for the respondent.

Memorandum Findings of Fact and Opinion

RAUM, Judge:

The Commissioner determined a deficiency of $2,685.84 in petitioners' 1973 income tax. This deficiency was the result of the Commissioner's determination that a $16,735 business bad debt deduction claimed by petitioners in respect of purported loans and loan guarantees for the benefit of LaStaiti Associates, Inc., and other corporations organized by the petitioner-husband, was allowable only as a non-business...

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