LITTLE v. COMMISSIONER

Docket No. 27374-93.

71 T.C.M. 3168 (1996)

T.C. Memo. 1996-270

Richard A. and Carol B. Little v. Commissioner.

United States Tax Court.

Filed June 12, 1996.


Attorney(s) appearing for the Case

John D. Copeland, Dallas, Tex., for the petitioners. Steven Walker and Barbara Leonard, for the respondent.


MEMORANDUM FINDINGS OF FACT AND OPINION

COLVIN, Judge:

Respondent determined that petitioners had deficiencies in Federal income tax of $162,761 for 1987 and $57,199 for 1988. Respondent filed an amended answer asserting an additional deficiency of $31,170 for 1987.

The issues for decision are:

1. Whether respondent's contention that petitioners' worthless stock deduction for Dondi Financial Corp. (Dondi Financial) stock in 1987 was taken...

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