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ZACK v. COMMISSIONER

Docket No. 52987.

25 T.C. 676 (1955)

MORRIS W. ZACK AND SARAH ZACK, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 30, 1955.

Attorney(s) appearing for the Case

Morris Garvett, Esq., and Charles L. Levin, Esq., for the petitioner.

Peter K. Nevitt, Esq., for the respondent.

The Commissioner determined a deficiency of $26,036.68 in the income tax of the petitioners for 1950. The issues for decision are (1) whether the petitioners are taxable on one-third or only two-fifteenths of the income realized in 1950 from the sale of certain bomb hoists, and (2) whether that income was taxable as ordinary income from the conduct of a trade or business or as capital gain.

FINDINGS OF FACT.

The...

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