WEST v. COMMISSIONERS

U.S. Tax Court

WEST v. COMMISSIONERS

88 T.C. No. 2, 1987 U.S. Tax Ct. LEXIS 2

CourtUnited States Tax Court

DecidedJanuary 7, 1987

DocketDocket Nos. 20549-84, 20550-84.

StatusPublished

This text of 88 T.C. No. 2 (WEST v. COMMISSIONERS) is published on Counsel Stack Legal Research, covering United States Tax Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

WEST v. COMMISSIONERS, 88 T.C. No. 2, 1987 U.S. Tax Ct. LEXIS 2 (tax 1987).

Pincite

Opinion

JOE H. AND LESSIE M. WEST, Petitioners v. COMMISSIONERS OF INTERNAL REVENUE, Respondent

WEST v. COMMISSIONERS

Docket Nos. 20549-84, 20550-84.

United States Tax Court

1987 U.S. Tax Ct. LEXIS 2; 88 T.C. No. 2;

January 7, 1987; WITHDRAWN January 8, 1987

*2 Petitioner Joe H. West on their 1980 Federal income tax return, petitioners claimed a loss with respect to a purported investment in a motion picture. In fact, no investment was made by petitioners until December of 1981, and the motion picture was not produced until 1982.

Held, petitioners did not invest in the motion picture with an actual and honest objective of making a profit and petitioners are not entitled to deductions for depreciation with respect to the motion picture. Heldfurther, petitioners are not entitled to a theft loss deduction under sec. 165, I.R.C. of 1954, with respect to the $11,400 cash paid to Commedia. Heldfurther, addition as to tax under sec. 6659 and sec. 6621(d), I.R.C. of 1954, are sustained.

Dwight J. L. Epperson, for the petitioners.

R. Alan Lockyear, for the respondent.

SWIFT

SWIFT, Judge

Free access — add to your briefcase to read the full text and ask questions with AI

JOE H. AND LESSIE M. WEST, Petitioners v. COMMISSIONERS OF INTERNAL REVENUE, Respondent

WEST v. COMMISSIONERS

Docket Nos. 20549-84, 20550-84.

United States Tax Court

1987 U.S. Tax Ct. LEXIS 2; 88 T.C. No. 2;

January 7, 1987; WITHDRAWN January 8, 1987

*2 Petitioner Joe H. West on their 1980 Federal income tax return, petitioners claimed a loss with respect to a purported investment in a motion picture. In fact, no investment was made by petitioners until December of 1981, and the motion picture was not produced until 1982.

Held, petitioners did not invest in the motion picture with an actual and honest objective of making a profit and petitioners are not entitled to deductions for depreciation with respect to the motion picture. Heldfurther, petitioners are not entitled to a theft loss deduction under sec. 165, I.R.C. of 1954, with respect to the $11,400 cash paid to Commedia. Heldfurther, addition as to tax under sec. 6659 and sec. 6621(d), I.R.C. of 1954, are sustained.

Dwight J. L. Epperson, for the petitioners.

R. Alan Lockyear, for the respondent.

SWIFT

SWIFT, Judge

Cite This Page — Counsel Stack

Bluebook (online)

88 T.C. No. 2, 1987 U.S. Tax Ct. LEXIS 2, Counsel Stack Legal Research, https://law.counselstack.com/opinion/west-v-commissioners-tax-1987.