Joseph L. Holloman and Ruth Ann Holloman v. Commissioner of Internal Revenue

RONEY, Circuit Judge:

This case involves income tax deficiencies of $779.36 and $1,430.09 for the years 1968 and 1971, respectively, which were assessed against the taxpayer after the Commissioner disallowed the claimed investment credit for 1971 and the carryback to 1968. The Tax Court disagreed with the Commissioner and allowed the investment credit and carryback. Holloman v. Commissioner, T.C.M. 1975-309 (Oct. 7, 1975). We affirm.

The facts are undisputed. Taxpayer, a dentist, was an employee of Dr. B. J. Blankenship from October to December 31, 1970. On January 1, 1971, the two men formed a…