ALLEN v. COMMISSIONER

Docket No. 5567-91.

66 T.C.M. 1690 (1993)

T.C. Memo. 1993-612

Michael L. Allen and Ann Marie Allen v. Commissioner.

United States Tax Court.

December 22, 1993.


Attorney(s) appearing for the Case

Thomas C. Morrison, for the petitioners. Thomas E. Ritter, for the respondent.


Memorandum Findings of Fact and Opinion

GERBER, Judge:

Respondent, by means of a statutory notice of deficiency, determined deficiencies in petitioners' Federal income tax for taxable years 1980, 1981, and 1983 in the amounts of $7,320.96, $157,601.08, and $6,535.80, respectively.

After concessions, the issues for our consideration are: (1) Petitioner husband's adjusted basis in the stock and notes of his solely owned S corporation for purposes of...

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