Entrepreneurial Cardiologist Denied Real Estate Pro Status By Tax Court

The Tax Court decision in the case of Coastal Heart Medical Group, Inc and Doctor Anil V. Shah is a tax geek’s dream covering complicated issues combined in a convoluted manner.  It is not nearly as interesting as the related story which includes a physician being framed with a planted gun and drugs.That story is in a decision of the Fourth Appellate District of the State of California – Michael W. Fizgibbons V Integrated Healthcare Holdings Inc.  The latter sheds some light on the non-tax issues that Doctor Shah was facing.

The dollars in the case were pretty substantial – just over $400,000 including penalty from Coastal for the years 2004 through 2007 and just shy of $400,000 for Doctor Shah and his spouse for the years 2004 through 2008.  Doctor Shah and Coastal managed to come out on the wrong side of the lease purchase rules and the passive activity loss rules.  There were issues with partnership basis.  There was also a deemed dividend, although that was peanuts.

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