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MTS INTERN., INC. v. C.I.R.

No. 97-1789.

169 F.3d 1018 (1999)

MTS INTERNATIONAL, INC. and Robert C. Hughes, III, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided March 4, 1999.

Attorney(s) appearing for the Case

Dennis H. Shaw (briefed), Black & Shaw, Louisville, KY, for Petitioners-Appellants.

Teresa E. McLaughlin (briefed), Randolph L. Hutter (briefed), U.S. Department of Justice, Appellate Section Tax Division, Washington, D.C., for Respondent-Appellee.

Before: MERRITT, NORRIS, and GILMAN, Circuit Judges.

OPINION

GILMAN, Circuit Judge.

Taxpayers MTS International and Robert C. Hughes, III appeal from a decision of the tax court finding that (1) a loss that Hughes sustained in connection with a stock sale was a capital loss rather than a theft loss for tax purposes, (2) withdrawals that Hughes made from MTS accounts were constructive dividends upon which he owed taxes, and (3) MTS was not entitled to deduct...

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