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ALLEN v. COMMISSIONER

Docket No. 34322.

11 T.C.M. 1093 (1952)

Herbert Allen and Helen Daniels Allen v. Commissioner.

United States Tax Court.

Entered November 12, 1952.

Attorney(s) appearing for the Case

G. Kibby Munson, Esq., for the petitioners. M. Clifton Maxwell, Esq., and D. Louis Bergeron, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined a deficiency in the income tax of petitioners for the year 1948 in the amount of $5,133.18. The sole issue to be determined in this proceeding is whether the amount of $22,762.54 received by petitioners in the taxable year is taxable as ordinary income or as long-term or short-term capital gain.

Findings of Fact

The facts stipulated are...

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