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RUIDOSO RACING ASSOCIATION, INC. v. C. I. R.

No. 72-1355.

476 F.2d 502 (1973)

RUIDOSO RACING ASSOCIATION, INC., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Tenth Circuit.

Decided April 4, 1973.

Attorney(s) appearing for the Case

Edward Heilbronner, Washington, D. C. (Edward L. Kane, Haskins, Lewis, Nugent & Newnham, La Jolla, Cal., and Sparber, Zemel, Roskin & Heilbronner, on the brief), for petitioner-appellant.

Richard S. Halberstein, Atty., Tax Div., Dept. of Justice (Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks and Elmer J. Kelsey, Attys., Tax Div., Dept. of Justice, on the brief), for respondent-appellee.

Before BREITENSTEIN, McWILLIAMS and BARRETT, Circuit Judges.

BREITENSTEIN, Circuit Judge.

For the taxable years 1959, 1960, and 1961, the Commissioner of Internal Revenue determined that the total federal income tax deficiencies of Ruidoso Racing Association were $417,000 and that the fraud penalties under § 6653(b) of the Internal Revenue Code of 1954 were $208,000. The Tax Court sustained the Commissioner, see T.C. Memo. 1971-194, and the taxpayer has appealed.

Taxpayer is...

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