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HAFIZ v. COMMISSIONER

Docket No. 15079-96.

75 T.C.M. 1982 (1998)

T.C. Memo. 1998-104

Abdul Hafiz and Rawnaq A. Hafiz v. Commissioner.

United States Tax Court.

Filed March 16, 1998.

Attorney(s) appearing for the Case

Lawrence H. Richards, Youngstown, Ohio, for the petitioners. Katherine Lee Wambsgans, for the respondent.

MEMORANDUM FINDINGS OF FACT AND OPINION

GERBER, Judge:

Respondent determined deficiencies in petitioners' income taxes of $52,837 and $73,542 for the taxable years 1989 and 1990, respectively. The sole issue remaining for our consideration is whether petitioners, as S corporation shareholders, may increase their bases in the S corporation by the amount of debt for which they and the corporation were the...

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