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HOBBY v. COMMISSIONER

Docket No. 109663.

2 T.C. 980 (1943)

W. P. HOBBY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated November 15, 1943.

Attorney(s) appearing for the Case

James H. Yeatman, Esq., H. I. Wilhelm, C. P. A., and J. A. Phillips, C. P. A., for the petitioner.

Homer J. Fisher, Esq., and James L. Backstrom, Esq., for the respondent.

The Commissioner determined a deficiency of $32,557.50 in income tax for 1939, holding that the entire proceeds received by petitioner for shares of stock, less cost, constituted gain from partial liquidation taxable as a short term capital gain. The petitioner assails this and contends that the gains were taxable as long term capital gains from the sale of shares held by him more than twenty-four months.

FINDINGS OF FACT...

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