JIM BURCH & ASSOCIATES, INC. v. COMMISSIONER

Docket No. 6552-78.

76 T.C. 202 (1981)

JIM BURCH & ASSOCIATES, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed February 3, 1981.


Attorney(s) appearing for the Case

Hugh O. Mussina, for the petitioner.

Virginia C. Schmid, for the respondent.


OPINION

EKMAN, Judge:*

Respondent determined deficiencies in petitioner's income taxes for the calendar years 1974 and 1975 in the amounts of $41,639.14 and $6,269.73, respectively, and an addition to tax under section 6653(a), I.R.C. 1954, for 1974 in the amount of $2,081.95.

Due to concessions by the parties, the issues remaining for decision are (1) whether consolidated net operating losses which were incurred...

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