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PAYNE v. COMMISSIONER

Docket Nos. 42717, 42718.

22 T.C. 526 (1954)

GEORGE H. PAYNE AND MADELINE PAYNE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 9, 1954.

Attorney(s) appearing for the Case

Clyde C. Sherwood, Esq., and John V. Lewis, Esq., for the petitioners.

Edward H. Boyle, Esq., and T. M. Mather, Esq., for the respondent.

These consolidated proceedings involve deficiencies in income tax determined against George H. Payne and Madeline Payne for the year 1946 in like amounts of $7,009.44. The sole issue is whether the purchaser of a newspaper from petitioners and one Thomas L. Kerney paid $100,000 of the total proceeds for an agreement not to compete.

FINDINGS OF FACT.

George H. Payne (hereinafter referred to as petitioner) and Madeline Payne were husband and wife residing...

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