MAROS v. COMMISSIONER

Docket No. 39582-84.

54 T.C.M. 1270 (1987)

T.C. Memo. 1987-603

James Maros and Bess Maros v. Commissioner.

United States Tax Court.

Filed December 8, 1987.


Attorney(s) appearing for the Case

Joseph D. Wolgel, 75. Dearborn St., Chicago, Ill., and Alan F. Segal, for the petitioners. William G. Merkel, for the respondent.


Memorandum Findings of Fact and Opinion

COHEN, Judge:

Respondent determined deficiencies of $5,713 and $478,727 in petitioners' Federal income taxes for 1979 and 1980, respectively. After concessions, the issue for determination is whether petitioners received taxable income of $689,055 during 1980 by reason of forgiveness of a debt owed to their wholly owned corporation.

Findings of Fact

Some of the facts have been stipulated, and the...

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