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LEASE v. COMMISSIONER

Docket No. 7895-91.

66 T.C.M. 1121 (1993)

T.C. Memo. 1993-493

Richard W. Lease and Goldie E. Lease v. Commissioner.

United States Tax Court.

Filed October 26, 1993.

Attorney(s) appearing for the Case

Richard W. Lease and Goldie E. Lease, pro se. Trevor T. Wetherington, for the respondent.

Memorandum Findings of Fact and Opinion

BEGHE, Judge:

Respondent determined deficiencies in petitioners' 1985 and 1986 Federal income taxes of $48,487.65 and $17,317.67, respectively. Petitioners, on their 1985 Federal income tax return, claimed a $295,618 deduction from ordinary income attributable to a business bad debt. This claimed deduction resulted in a net operating loss, which petitioners elected to forgo as a carryback and claimed as a net operating...

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