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ADAMS v. COMMISSIONER

Docket No. 48958-86.

60 T.C.M. 689 (1990)

T.C. Memo. 1990-478

Lonny E. and Glenda Adams v. Commissioner.

United States Tax Court.

Filed September 4, 1990.

Attorney(s) appearing for the Case

Brent R. Armstrong, for the petitioners. Joel A. Lopata, for the respondent.

Memorandum Findings of Fact and Opinion

JACOBS, Judge:

Respondent determined a deficiency of $81,501 in petitioners' Federal income tax for 1981 and an addition to tax of $20,375 under section 6651(a)(1).1

After concessions, the issues remaining for decision are: (1) whether petitioners are entitled to an $85,000 business bad debt deduction claimed on Schedule C of their 1981 joint income tax return, and (2) whether petitioners...

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