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McCARTNEY v. COMMISSIONER

Docket Nos. 12704, 12705.

12 T.C. 320 (1949)

CHARLES E. McCARTNEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. EVELYN MCCARTNEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 9, 1949.

Attorney(s) appearing for the Case

Austin H. Peck, Jr., Esq., for the petitioners.

Earl C. Crouter, Esq., for the respondent.

The respondent determined deficiencies in income tax for 1944 against Charles E. McCartney in the amount of $14,734.42 and against Evelyn McCartney in the amount of $14,859.42. The sole issue is whether an amount received by Charles E. McCartney in 1944 upon release of a certain contract was capital gain or ordinary income to the petitioners.

FINDINGS OF FACT.

The petitioners are husband and wife. They reside in Long Beach, California, and resided in California...

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