Oglesby v. Comr., T.C. Memo. 2011-93

(petitioner, heavy-equipment operator, was member of union with served as employment agency and would get dispatched to jobs using his own transportation; for year in issue, petitioner made repairs to rental property he owned and received unemployment compensation and settled debt with GMAC for less than what was owed; court upholds IRS determination that repair expenses had to be added to basis in property, unemployment compensation includible in income as was cancelled debt).