Weaver v. Comm'r
United States Tax Court
Petitioners included with their 1998 Federal income tax return a Schedule C, Profit or Loss From Business, for "Shrike Cars". The Schedule C reflected a net loss of $ 448,120, which respondent disallowed on grounds that the costs associated with Shrike Cars were startup expenditures within the meaning of sec. 195, I.R.C. Held: Petitioners are not entitled to reduce their 1998 gross income by the $ 448,120 claimed net loss derived from the Shrike Cars enterprise.
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Petitioners included with their 1998 Federal income tax return a Schedule C, Profit or Loss From Business, for "Shrike Cars". The Schedule C reflected a net loss of $ 448,120, which respondent disallowed on grounds that the costs associated with Shrike Cars were startup expenditures within the meaning of sec. 195, I.R.C. Held: Petitioners are not entitled to reduce their 1998 gross income by the $ 448,120 claimed net loss derived from the Shrike Cars enterprise. Held, further, petitioners are liable for the sec. 6651(a)(1), I.R.C., addition to tax for failure timely to file their 1998 income…
1Opinion of the Court
PAUL D. AND GUDRUN G. WEAVER, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Weaver v. Comm'r
No. 14883-02
United States Tax Court
T.C. Memo 2004-108; 2004 Tax Ct. Memo LEXIS 108; 87 T.C.M. (CCH) 1259;
May 3, 2004, Filed
Decision was entered for respondent.
Petitioners included with their 1998 Federal income tax
return a Schedule C, Profit or Loss From Business, for
"Shrike Cars". The Schedule C reflected a net loss of
$ 448,120, which respondent disallowed on grounds that the costs
associated with Shrike Cars were startup expenditures within the
meaning of sec. 195, I.R.C. Held: Petitioners…
2Cases cited22 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- United States v. BoyleSupreme Court of the United States · 1985
- Commissioner v. HeiningerSupreme Court of the United States · 1943
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