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MALOOF v. C.I.R.

No. 05-1967.

456 F.3d 645 (2006)

William H. MALOOF, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: August 4, 2006.

Attorney(s) appearing for the Case

ARGUED: Donald J. O'Connor, Cleveland, Ohio, for Appellant. Michelle B. Smalling, United States Department of Justice, Washington, D.C., for Appellee. ON BRIEF: Donald J. O'Connor, Colleen A. O'Connor, Cleveland, Ohio, for Appellant. Michelle B. Smalling, Teresa E. McLaughlin, United States Department of Justice, Washington, D.C., for Appellee.

Before: GILMAN, SUTTON, and COOK, Circuit Judges.

OPINION

SUTTON, Circuit Judge.

In filing a series of individual tax returns in the 1990s, William Maloof claimed significant deductions for losses incurred by S corporations that he owned. Under 26 U.S.C. § 1366(d)(1), Maloof's deductions from these losses could not exceed his basis in the stock or debt of the corporations. Recognizing that the losses greatly exceeded his initial investment in the corporations, Maloof claimed that a $4 million bank...

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