Calcutt v. Commissioner
United States Tax Court
In Calcutt v. Commissioner, 84 T.C. 716 (1985) (Calcutt I), petitioners, representing themselves without an attorney, failed to satisfy their burden of proving they were entitled to an increase of basis in the stock of a subchapter S corporation.
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In Calcutt v. Commissioner, 84 T.C. 716 (1985) (Calcutt I), petitioners, representing themselves without an attorney, failed to satisfy their burden of proving they were entitled to an increase of basis in the stock of a subchapter S corporation. In this case (Calcutt II), involving the same issue for a later year, petitioners, represented by an attorney, submitted additional evidence in the form of testimony not presented in Calcutt I. Held, the decision in Calcutt I, holding that corporate debts to third parties guaranteed by a shareholder do not lead to an increase in the shareholder's…
1Opinion of the Court
OPINION
DRENNEN, Judge:
This case was assigned to Special Trial Judge Lee M. Galloway pursuant to the provisions of section 7456(d) of the Internal Revenue Code (redesignated section 7443A(b) by section 1556 of the Tax Reform Act of 1986, Pub. L. 99-514, 100 Stat. 2755), and Rules 180 et seq.1 The Court agrees with and adopts the opinion of the Special Trial Judge which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
GALLOWAY, Special Trial Judge:
Respondent determined a deficiency of $3,701 in petitioners’ 1982 Federal income tax together with an addition to tax under section 6651(a)(1) of…
2Cases cited37 opinions
- Larry Bonner v. City of Prichard, AlabamaCourt of Appeals for the Eleventh Circuit · 1981
- Montana v. United StatesSupreme Court of the United States · 1979
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- Fairmont Aluminum Company v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1955
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- Harrell v. CommissionerUnited States Tax Court · 1988
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- Deihl v. CommissionerUnited States Tax Court · 2010
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