Charles Bowman Lorita Bowman v. United States

45 F.3d 435 75 A.F.T.R.2d 95 -554 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. Charles BOWMAN; Lorita Bowman, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee. No. 93-55047. United States Court of Appeals, Ninth Circuit. Argued and Submitted Dec. 8, 1994. Decided Dec. 20, 1994. Before: FLETCHER, THOMPSON and RYMER, Circuit Judges. 1 MEMORANDUM * 2 Charles and Lorita Bowman (the Bowmans) appeal the district court's Rule 12(b)(6) dismissal of their complaint with prejudice. We affirm. FACTS 3 On their 1982 tax return, the Bowmans claimed depreciation and investment tax credits arising out of their investment in a tax shelter created and marketed by FoodSource, Inc. The disallowance of these credits and depreciation by the Internal Revenue Service (IRS) resulted in the Bowmans incurring a tax deficiency and various penalties. The Bowmans, along with similarly-situated FoodSource investors, petitioned the tax court to redetermine the deficiency and…