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McAFEE v. COMMISSIONER

Docket No. 10162.

9 T.C. 720 (1947)

JAMES WESLEY McAFEE AND ALICE B. McAFEE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 20, 1947.

Attorney(s) appearing for the Case

Walter S. Alt, Esq., for the petitioners.

Harlow B. King, Esq., for the respondent.

The respondent has asserted an income tax deficiency of $823.86 in the joint return filed by the petitioners for 1944. The sole question at issue is whether the payment of $1,647.67 which petitioner James Wesley McAfee received in 1944 from his former law partners after dissolution of the partnership was a capital gain or was ordinary income.

The term "petitioner," as hereinafter used, will refer to James Wesley McAfee; his...

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