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SEXTON v. COMMISSIONER

Docket No. 17024-79.

48 T.C.M. 512 (1984)

T.C. Memo. 1984-360

John K. Sexton and Marjorie Lee Sexton v. Commissioner.

United States Tax Court.

Filed July 16, 1984.

Attorney(s) appearing for the Case

Pollard White, 707 S. Main St., Hopkinsville, Ky., for the petitioners. Robert B. Nadler and John L. Hopkins, for the respondent.

Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined deficiencies in petitioners' Federal income tax for the calendar years 1976 and 1977 in the amounts of $14,823.58 and $1,025.81, respectively.

The only issue for decision is whether petitioners are entitled to a nonbusiness bad debt deduction in 1976 under section 1661 with respect to transfers of funds previously made to relatives.

Findings...

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