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PIERCE v. COMMISSIONER

Docket No. 55623.

14 T.C.M. 964 (1955)

T.C. Memo. 1955-241

Lawrence J. Pierce and Isabel C. Pierce, Husband and Wife v. Commissioner.

United States Tax Court.

Filed August 31, 1955.

Attorney(s) appearing for the Case

Warren A. Doolittle, Esq., Colman Building, Seattle, Wash., for the petitioners. John O. Durkan, Esq., for the respondent.

Memorandum Opinion

RAUM, Judge:

The respondent determined a deficiency in income tax of petitioners in the amount of $1,522.84 for the year 1950.

The issue is whether the petitioners, who realized long-term capital gains on sales of stock in 1946 and refunded certain amounts to the purchaser in 1950 as an adjustment of the selling price pursuant to a sales agreement, should treat the amounts refunded as...

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