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CHURCHILL DOWNS, INC. v. COMMISSIONER

Docket No. 8140-99.

115 T.C. 279 (2000)

CHURCHILL DOWNS, INC. AND SUBSIDIARIES, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 26, 2000.

Attorney(s) appearing for the Case

Paul J. Cox, for petitioners.

Andrew M. Winkler, for respondent.

OPINION

LARO, Judge:

This case is before the Court fully stipulated. See Rule 122.1 Respondent determined deficiencies in petitioners' 1994 and 1995 Federal income tax of $51,872 and $20,658, respectively. The sole issue we must decide2 is whether petitioners' claimed deductions for expenses for parties and other entertainment are limited by section 274(n)(1). We hold they are. The stipulation...

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