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MAYO v. COMMISSIONER

Docket Nos. 51549, 56334.

16 T.C.M. 49 (1957)

T.C. Memo. 1957-9

Winthrop M. Mayo and Claire M. Mayo v. Commissioner.

United States Tax Court.

Filed January 23, 1957.

Attorney(s) appearing for the Case

William Levenson, Esq., for the petitioners. R. Monroe Schwartz, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Respondent has determined deficiencies in the income tax of petitioners as follows:

  Year                    Amount

  1949 ................. $ 9,939.80
  1950 .................  15,668.60
  1951 .................   2,584.87

The principal issues are as follows:

(1) Did the cancellation in 1949 by petitioner Winthrop M. Mayo of a debt in the amount of $100,000 owed to him by Wilder Manufacturing...

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