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KAPLAN v. COMMISSIONER

Docket No. 3624-04.

90 T.C.M. 296 (2005)

T.C. Memo. 2005-218

Mark O. Kaplan v. Commissioner.

United States Tax Court.

September 20, 2005.

Attorney(s) appearing for the Case

Albert L. Grasso, for petitioner.

Kathleen C. Schlenzig, for respondent.

MEMORANDUM OPINION

THORNTON, Judge:

Respondent determined a $123,543 deficiency with respect to petitioner's 1994 income tax and a $188,964 deficiency with respect to petitioner's 1997 income tax. The deficiencies arise from respondent's denial of petitioner's asserted basis in his wholly owned S corporation, Marc Construction and Development Co. (Marc), which resulted in disallowance of petitioner's passthrough Marc losses pursuant to section 1366(d).

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