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WILLIAMS v. COMMISSIONER

Docket Nos. 54316, 54317.

15 T.C.M. 1410 (1956)

T.C. Memo. 1956-270

Harold G. Williams v. Commissioner. Claire Louise Williams v. Commissioner.

United States Tax Court.

Filed November 30, 1956.

Attorney(s) appearing for the Case

Edward McCarthy, Esq., for the petitioners. Roger L. Davis, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

VAN FOSSAN, Judge:

These proceedings involve deficiencies in income tax for 1947 in the amount of $16,794.01 in Docket No. 54316 and $5,045.46 in Docket No. 54317. Increased deficiencies were claimed by the respondent at the hearing. The issues are: (1) Whether the net profits of Marine Industries, a partnership in which petitioner Harold G. Williams had an interest, are taxable as ordinary income or long-term capital...

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