HUFF v. COMMISSIONER

Docket No. 21600-92.

68 T.C.M. 816 (1994)

T.C. Memo. 1994-477

Douglas B. and Carolyn V. Huff v. Commissioner.

United States Tax Court.

Filed September 29, 1994.


Attorney(s) appearing for the Case

Robert B. Rosenstein, 16835 Algonquin, Huntington Beach, Calif., for the petitioners. John Y. Chinnapongse and Bill McCarthy, for the respondent.


Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the calendar year 1988 in the amount of $10,415, and additions to tax under sections 6653(a) and 6661 in the amounts of $521 and $2,604, respectively.1

The issues for decision are: (1) Whether petitioners are entitled to claim losses incurred by Bancor Financial Services, Inc. (Bancor), which...

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