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LAVERNE SCHENK v. COMMISSIONER

Docket No. 5543-79.

41 T.C.M. 455 (1980)

T.C. Memo. 1980-531

LaVerne Schenk and Margaret Schenk v. Commissioner.

United States Tax Court.

Filed December 1, 1980.

Attorney(s) appearing for the Case

Donald R. Ham and Ronald D. Nickum, 11th fl. Amarillo National Bank Bldg., Amarillo, Tex., for the petitioners. Norman A. Lofgren, for the respondent.

Memorandum Findings of Fact and Opinion

FAY, Judge:

Respondent determined a deficiency of $14,558 in petitioners' Federal income taxes for 1975. Due to concessions, the only issues for decision are whether a structure built on petitioners' farm in 1975 is property which qualifies for the investment credit and whether petitioners' payment of $24,782 to a farm cooperative on December 30, 1975, constitutes a deductible prepaid expense.

Findings of...

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