Jeffrey and Karen Winter, (2002)
Linked as:
Extract
Jeffrey and Karen Winter, (2002)
T.C. Memo. 2002-173
UNITED STATES TAX COURT JEFFREY AND KAREN WINTER, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 5432-00. Filed July 22, 2002.Craig M. Hunt, for petitioners. Kathryn K. Vetter, for respondent.MEMORANDUM FINDINGS OF FACT AND OPINION RUWE, Judge: Respondent determined a deficiency of $40,092 in petitioners' joint 1994 Federal income tax. The issue for decision is whether petitioners may deduct or must capitalize legal and consulting fees incurred in maintaining a lawsuit against the seller of a hotel that they had previously purchased.FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulation of facts and the attached exhibits are incorporated herein by this reference. Petitioners resided in Gold Run, California, at the time they filed their petition.In 1990, petitioners were interested in finding investment property. Petitioners saw a brochure advertising the Truckee Hotel, located in Truckee, California, near Lake Tahoe, for the price of $1.2 million. The brochure included some financial and room rental information regarding th...See the full content of this document
Sponsored links
