The founder of a nonprofit corporation may not claim losses on his personal tax return from the corporation he sought to classify as an S corporation. The Tax Court has ruled he is not a stockholder or owner of the nonprofit and is not entitled to a deduction. Clinton Deckard organized Waterfront Fashion Week in 2012 as a Kentucky nonstock, nonprofit corporation to raise money for the conservation and maintenance of Waterfront Park in Louisville, to provide economic development opportunities in the fashion industry, to provide a platform for women to explore new style avenues, and to enhance the quality of life and economic vitality. It was structured as, and contained all the requirements...