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FREER v. COMMISSIONER

Docket No. 6566-76.

37 T.C.M. 1193 (1978)

T.C. Memo. 1978-282

Robert M. Freer and Kathlyn M. Freer v. Commissioner.

United States Tax Court.

Filed July 25, 1978.

Attorney(s) appearing for the Case

Norman C. Fritz, for the petitioners. Scott R. Cox, for the respondent.

Memorandum Findings of Fact and Opinion

FAY, Judge:

Respondent determined a deficiency of $1,051.04 in petitioners' Federal income tax for 1973. The issues for decision are:

(1) Whether petitioners' stock in Gil's Inns, Inc. became worthless during 1973; and if so,

(2) Whether petitioners' loss on their investment is an ordinary loss under section 1244;1

(3) Whether amounts advanced by petitioners to Gil...

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