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ST. CHARLES INV. CO. v. COMMISSIONER

Docket No. 5793-96.

110 T.C. 46 (1998)

ST. CHARLES INVESTMENT CO., BURTON C. BOOTHBY, TAX MATTERS PERSON, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed February 5, 1998.

Attorney(s) appearing for the Case

Darrell D. Hallett, Larry N. Johnson, Robert J. Chicoine, and John M. Colvin, for petitioner.

Cathy A. Goodson and William A. McCarthy, for respondent.

OPINION

TANNENWALD, Judge:

This case comes before us on cross-motions for partial summary judgment by the parties under Rule 121.1 The issues for decision are:

(1) Whether suspended passive activity losses (PAL's) incurred by a closely held C corporation that later elects to be an S corporation may be deducted by the then S corporation in the year the corporation disposes of its entire interest in the activity...

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