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PURSGLOVE v. COMMISSIONER

Docket No. 36435.

20 T.C. 68 (1953)

JOSEPH PURSGLOVE, JR., AND JOSEPHINE L. PURSGLOVE, HIS WIFE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated April 14, 1953.

Attorney(s) appearing for the Case

William J. Kenney, Esq., for the petitioners.

James A. Anderson, Esq., for the respondent.

The Commissioner determined a deficiency of $11,554.23 in the income tax of the petitioner for 1944. The issues for decision are whether the petitioner's distributive share of the gain of a partnership was taxable as a short-term capital gain, as determined by the Commissioner, and whether his loss, when he retired from the partnership, was a long-term capital loss, as determined by the Commissioner.

FINDINGS OF FACT.

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