FRAZIER v. COMMISSIONER

Docket No. 3343-96.

111 T.C. 243 (1998)

RICHARD D. FRAZIER AND YVONNE FRAZIER, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 22, 1998.


Attorney(s) appearing for the Case

Michael L. Cook and William R. Leighton, for petitioners.

Steven B. Bass, for respondent.


PARR, Judge:

Respondent determined deficiencies in petitioners' Federal income tax for taxable years 1988 and 1989 in the amounts of $387 and $40,482, respectively. In the answer, respondent asserted that petitioners were liable for an addition to tax pursuant to section 6662(a).1

After concessions, the issues for decision are: (1) Whether for 1989 petitioners realized $571,179 on the foreclosure sale of certain real property...

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