1. Home
  2. Browse Decisions
  3. T.C.
  4. 18 T.C.
  5. 18 T.C. 438 (1952)
 

RAY v. COMMISSIONER

Docket Nos. 30909, 30910.

18 T.C. 438 (1952)

LOUIS W. RAY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. JULIA RAY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 29, 1952.

Attorney(s) appearing for the Case

William P. Fonville, Esq., for the petitioners.

Frank C. Allen, Esq., for the respondent.

OPINION.

JOHNSON, Judge:

The Commissioner determined deficiencies in income tax for the year 1946 against each of the petitioners in the amount of $1,910.77.

The sole question for decision is whether $20,000 received by petitioners from their lessor in a lease was taxable as ordinary income, as the Commissioner determined, or as gain from the sale of a capital asset, as petitioners contend.

All of the facts were stipulated and are...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases