SMITH v. COMMISSIONER

Docket No. 671-86.

57 T.C.M. 261 (1989)

T.C. Memo. 1989-198

Ronald W. Smith v. Commissioner.

United States Tax Court.

Filed April 27, 1989.


Attorney(s) appearing for the Case

C. Page Hamrick III, for the petitioner. Andrew M. Winkler, for the respondent.


Memorandum Findings of Fact and Opinion

HAMBLEN, Judge.

Respondent determined deficiencies of $1,836 and $3,817.88, respectively, in petitioner's 1982 and 1983 Federal income taxes. The issues to be decided are: (1) whether petitioner's drag racing activity was an activity not engaged in for profit during 1982 and 1983, and (2) whether petitioner is entitled to an investment tax credit in 1983 with respect...

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