Archie L. and Louise B. Honbarrier v. Commissioner

115 T.C. No. 23

UNITED STATES TAX COURT ARCHIE L. AND LOUISE B. HONBARRIER, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent HONBARRIER, INC., FORMERLY CENTRAL TRANSPORT, INC., SUCCESSOR TO COLONIAL MOTOR FREIGHT LINE, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Docket Nos. 9053-97, 9054-97. Filed September 29, 2000. H was the sole shareholder of P. P was engaged in the business of hauling packaged freight in trucks. Its trucking operations were terminated in 1988. By 1990, P had sold its operating assets. P invested the proceeds from the sale of its operating…