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RUWITCH v. COMMISSIONER

Docket No. 41543.

22 T.C. 1053 (1954)

LEE RUWITCH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 16, 1954.

Attorney(s) appearing for the Case

Albert B. Bernstein, Esq., for the petitioner.

Alben E. Carpens, Esq., for the respondent.

Respondent determined a deficiency in petitioner's income tax for 1948 in the amount of $4,810.01. By an amended petition petitioner claims an overpayment of $510.95 by reason of having included as gross income in his 1948 return an amount of $1,528 as prepaid rent. The sole contested issue is whether the sum of $22,000 received by petitioner pursuant to a purchase and sale agreement dated February 14, 1948, is taxable as ordinary income or capital gain.

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