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VAN TUYL v. COMMISSIONER

Docket Nos. 18053, 18064.

12 T.C. 900 (1949)

E. EVERETT VAN TUYL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. RICHARD FRANK ABBE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 31, 1949.

Attorney(s) appearing for the Case

Edward E. Burke, C. P. A., for the petitioners.

Ellyne E, Strickland, Esq., for the respondent.

The Commissioner determined deficiencies in income tax for the year 1944 in the amount of $3,308.99 in Docket No. 18053 and $3,251.92 in Docket No. 18064.

The only question in controversy is whether profits realized from the sale in 1944 of certain securities are taxable as ordinary income, as contended by respondent, or as long term capital gains, as contended by petitioners.

FINDINGS OF FACT.

The petitioners filed their individual income tax returns...

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