Valenti v. Commissioner

PETE C. VALENTI and PEGGY R. VALENTI, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent

Valenti v. Commissioner

Docket No. 12836-92

United States Tax Court

T.C. Memo 1994-483; 1994 Tax Ct. Memo LEXIS 491; 68 T.C.M. (CCH) 838;

October 4, 1994, Filed

Decision will be entered for respondent.

For petitioners: Paul R. Roper.

For respondent: Guy H. Glaser.

RAUM

RAUM

MEMORANDUM OPINION

RAUM, Judge: The Commissioner determined income tax deficiencies of $ 43,175 and $ 12,404 for petitioners' 1988 and 1989 taxable years. At issue is whether petitioners were entitled to deduct wagering losses in excess…