Antonides v. Commissioner
United States Tax Court
In 1981, Ps purchased a yacht which they immediately leased back to the seller, to be used for chartering to others. In 1982, Ps incurred and claimed as deductions losses from this venture from sources such as repairs and maintenance, depreciation, and financing costs.
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In 1981, Ps purchased a yacht which they immediately leased back to the seller, to be used for chartering to others. In 1982, Ps incurred and claimed as deductions losses from this venture from sources such as repairs and maintenance, depreciation, and financing costs. R disallowed the claimed loss deductions on the ground that Ps' chartering venture was not an activity entered into for profit within the meaning of sec. 183, I.R.C. 1954. Upon consideration of the whole record, held, that Ps have failed to establish that their yacht chartering venture was entered into for profit. Held,…
1Opinion of the Court
WELLS, Judge:*
In timely statutory notices of deficiency, respondent determined deficiencies in Federal income tax and additions to tax for taxable year 1982 as follows:
Additions to tax
Docket Defic-Sec. Sec. Sec.
Petitioners No. iency 6653(a)(1)2 6653(a)(2) 6661
Gary Antonides 10364-86 $9,700 $485 50 percent $970 of interest on $9,700
Richard and Phyllis Herdendorf 17542-86 4,430 --- --- ---
David and Mary Diane Smith 17543-86 8,119 812
Respondent concedes that the investment tax credits claimed by petitioners in 1981 are not subject to recapture in 1982. Petitioner Antonides concedes that he…
2Cases cited32 opinions
- Commissioner v. TowerSupreme Court of the United States · 1946
- Bixby v. CommissionerUnited States Tax Court · 1972
- Dreicer v. CommissionerUnited States Tax Court · 1982
- Golanty v. CommissionerUnited States Tax Court · 1979
- Carlos and Jacqueline Marcello v. Commissioner of Internal Revenue, Joseph, Jr. And Anastasia Marcello v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
27 more not listed; retrieve them via the Exa API.
3Cited by184 opinions
- Krause v. CommissionerUnited States Tax Court · 1992
- LaVerne v. CommissionerUnited States Tax Court · 1990
- Gantner v. CommissionerUnited States Tax Court · 1989
- Hitchins v. CommissionerUnited States Tax Court · 1994
- Antonides v. CommissionerCourt of Appeals for the Fourth Circuit · 1990
179 more not listed; retrieve them via the Exa API.