OWENSBY & KRITIKOS, INC. v. COMMISSIONER

Docket No. 26083-82.

50 T.C.M. 29 (1985)

T.C. Memo. 1985-267

Owensby & Kritikos, Inc., Petro-Marine Engineering, Inc., and Subsidiaries, John W. Owensby and Dolores G. Owensby, Theodore A. Kritikos and Be Jo Kritikos, and Dick H. Piner, Jr., and Dorothy S. Piner v. Commissioner.

United States Tax Court.

Filed June 3, 1985.


Attorney(s) appearing for the Case

Paul H. Waldman, 231 Carondelet St., New Orleans, La., Norwood N. Hingle, Jr., 605 First National Bank of Commerce Building, New Orleans, La., Michael E. Guarisco, 650 Poydras St., New Orleans, La., and Michael H. Ellis, for the petitioners. Linda J. Bourquin, for the respondent.


Memorandum Findings of Fact and Opinion

SIMPSON, Judge:

The Commissioner determined the following deficiencies in the petitioners' Federal income taxes:

                             Taxable
                              Year      Deficiency
     Petitioners             Ended

Owensby & Kritikos, Inc.     9/30/79    $ 51,724

Petro-Marine Engineering,   10/31/78     208,544
  Inc., and Subsidiaries     9/30/79     197,122

John W...

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