United States Tax Court July 2, 2003, No. 7873-01 (Mourad v. Comm'r)

lead-opinion

Ruwe, Judge:

Respondent determined a $189,745 income tax deficiency for petitioner’s 1997 tax year. The issues presented to the Court are: (1) Whether petitioner should be taxed on gain from the sale of assets by his S corporation during the corporation’s bankruptcy proceeding; (2) whether petitioner is entitled to low-income housing tax credits; and (3) whether respondent waived his