Précis: The taxpayer claimed an allowable business investment loss (“ABIL”) in 2010 after he and his wife sold their shares in a motor inn they had jointly owned with other shareholders. The taxpayer claimed to have advanced money to the corporation over the years and that the debt owing at the date of the sale was in excess of $500,000.
DiCienzo v. R. - TCC: Taxpayer denied ABIL, debt not established to be disposed of or badREAD MORE »