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LEY v. COMMISSIONER

Docket No. 19160-90.

66 T.C.M. 113 (1993)

T.C. Memo. 1993-306

Norman Walter and Betty Ley v. Commissioner.

United States Tax Court.

Filed July 14, 1993.

Attorney(s) appearing for the Case

Norman Walter Ley, pro se. Nancy Graml, for the respondent.

Memorandum Findings of Fact and Opinion

BEGHE, Judge:

Respondent determined a deficiency of $14,444.56 in petitioners' 1981 Federal income tax.

The sole issue for decision is whether petitioners properly deducted $34,437.75 from their 1981 gross income, Norman W. Ley's (petitioner) ratable portion of a pass through net operating loss sustained by L&T Exploration Inc. (L&T Exploration), a small business corporation (S corporation) in which...

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