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GAMBLE v. COMMISSIONER

Docket No. 44940.

14 T.C.M. 1115 (1955)

T.C. Memo. 1955-289

Harry P. Gamble, Jr., and Gretchen B. Gamble, Husband and Wife v. Commissioner.

United States Tax Court.

Filed October 27, 1955.

Attorney(s) appearing for the Case

Harry P. Gamble, Jr., Esq., 1316 Henry Clay Avenue, New Orleans, La., and Harry P. Gamble, III, Esq., for the petitioners. Robert B. Wallace, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

OPPER, Judge:

Respondent determined deficiencies in income tax for 1949 of $2,240.38 and for 1950 of $7,791.72, of which $1,696.32 and $7,370.68, respectively, remain in dispute. The unconceded items involve two issues: (1) whether certain parcels of real estate sold were capital assets, and (2) whether collections on certain notes and contracts were properly reported as to basis and type of income.

Findings...

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