Petitioners included with their 1998 Federal income tax return a Schedule C, Profit or Loss From Business, for "Shrike Cars". The Schedule C reflected a net loss of $448,120, which respondent disallowed on grounds that the costs associated with Shrike Cars were startup expenditures within the meaning of sec. 195, I.R.C.
Held: Petitioners are not entitled to reduce their 1998 gross income by the $448,120 claimed net loss derived from the Shrike Cars enterprise...
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