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75 T.C.M.

Volume 75 — Tax Court Memorandum

1 opinion

75 T.C.M. 2279Chesapeake Outdoor Enters. v. Commissioner (1998)Decision will be entered under Rule 155
U.S. Tax Court
C, an S corporation subject to the unified audit and litigation provisions of the Subchapter S Revision Act of 1982, Pub. Held: The characterization of COD income is a subchapter S item to which the FSAA relates, and is therefore properly determined by this Court in an S corporation proceeding. Secs. 6226(f), 6241, 6244, 6245, I.R.C.; sec. 301.6245-1T(a)(1)(iv) and (b), Temporary Proced. & Admin. Regs., 52 Fed. Reg. 3003- 3004 (Jan. 30, 1987).