EMHART CORPORATION v. COMMISSIONER

Docket No. 20025-95.

75 T.C.M. 2231 (1998)

T.C. Memo. 1998-162

Emhart Corporation and Domestic Subsidiaries v. Commissioner.

United States Tax Court.

Filed May 5, 1998.


Attorney(s) appearing for the Case

Herbert Odell, Bala Cynwyd, Pa., Joel C. Weiss, Samuel M. Maruca, and Philip Karter, for the petitioner. Richard H. Gannon and Linda A. Love, for the respondent.


MEMORANDUM FINDINGS OF FACT AND OPINION

FOLEY, Judge:

Respondent determined a $369,046 deficiency in petitioner's 1984 Federal income tax. The issue for decision is whether petitioner's stock in United Shoe Machinery Portugal (USMP) became worthless in 1984. We hold that it did. All section references are to the Internal Revenue Code in effect for the year in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure.

FINDINGS...

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