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ESTATE OF HARRINGTON v. COMMISSIONER

Docket No. 104194.

2 T.C.M. 540 (1943)

Estate of John T. Harrington, Charles F. Smith, Trustee v. Commissioner.

United States Tax Court.

Entered July 29, 1943.

Attorney(s) appearing for the Case

Donald J. Lynn, Esq., A. L. Jones, C. P. A., and C. F. Smith, Trustee, pro se, for the petitioner. Lawrence R. Bloomenthal, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

HILL, Judge:

Respondent determined a deficiency of $2,201.12 in income tax for the calendar year 1938. Petitioner claimed an overassessment in its petition of $580.51. By amended answer respondent seeks to increase the deficiency to $4,283.46. The sole issue for our determination is whether or not petitioner realized either capital gain or ordinary income upon the settlement of certain obligations with stock.

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