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CHICKIE'S AND PETE'S, INC. v. COMMISSIONER

Docket No. 6354-04.

90 T.C.M. 399 (2005)

T.C. Memo. 2005-243

Chickie's and Pete's, Inc. v. Commissioner.

United States Tax Court.

October 17, 2005.

Attorney(s) appearing for the Case

Harry C. Citrino, Jr., for petitioner.

Gerald A. Thorpe, for respondent.

MEMORANDUM FINDINGS OF FACT AND OPINION

CHIECHI, Judge:

Respondent determined a deficiency of $304,328 in petitioner's Federal income tax for the taxable year ended June 30, 2000 (year at issue).

We must decide whether petitioner is entitled to deduct for the year at issue the portion of a $902,476 payment that it made to its sole stockholder and officer in excess of the amount of such payment that respondent concedes petitioner may deduct.

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