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HOLMES ENTERPRISES, INC. v. COMMISSIONER

Docket No. 9346-76.

69 T.C. 114 (1977)

HOLMES ENTERPRISES, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed October 26, 1977.

Attorney(s) appearing for the Case

Towner Leeper, for the petitioner.

Charles N. Woodward, for the respondent.

OPINION

TIETJENS, Judge:

Respondent determined a deficiency of $660 in petitioner's Federal corporate income tax for the fiscal year ending August 31, 1973. The issues are (1) whether petitioner is entitled to a business expense or loss deduction for an automobile seized by and forfeited to the United States because of use in an illegal activity; (2) whether petitioner is allowed to deduct legal fees incurred in contesting the forfeiture of its asset...

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