Smith v. Commissioner

JOHN C. SMITH AND JEAN P. SMITH, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent

Smith v. Commissioner

Docket No. 22802-91

United States Tax Court

T.C. Memo 1994-149; 1994 Tax Ct. Memo LEXIS 150; 67 T.C.M. (CCH) 2616;

April 11, 1994, Filed

Decision will be entered for respondent.

For petitioners: James A. Williams, Boyce C. Cabaniss, and James F. Martens.

For respondent: Joni D. Larson.

SWIFT

SWIFT

MEMORANDUM FINDINGS OF FACT AND OPINION

SWIFT, Judge: Respondent determined a deficiency of $ 123,930 in petitioners' 1987 joint Federal income tax.

Unless otherwise indicated, all section…