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TRINITY MEADOWS RACEWAY, INC. v. COMMISSIONER

Docket No. 16315-96.

75 T.C.M. 1861 (1998)

T.C. Memo. 1998-79

Trinity Meadows Raceway, Inc., Jack M. Lenavitt, A Person Other Than The Tax Matters Person v. Commissioner.

United States Tax Court.

Filed February 25, 1998.

Attorney(s) appearing for the Case

Jack M. Lenavitt, pro se. Lynn M. Brimer, Trevor T. Weatherington, and Oksana O. Xenos, for the respondent.

MEMORANDUM FINDINGS OF FACT AND OPINION

LARO, Judge:

Jack M. Lenavitt petitioned the Court to readjust respondent's adjustments to subchapter S corporation items reported by Trinity Meadows Raceway, Inc. (Trinity), for 1991. On April 14, 1996, respondent issued a notice of final S corporation administrative adjustment, stating, with respect to 1991, that respondent had increased Trinity's ordinary income by $233,661 and disallowed its $2,028,750 casualty...

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