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HEEBNER v. COMMISSIONER

Docket No. 64882.

32 T.C. 1162 (1959)

GEORGE K. HEEBNER, JR., AND RUTH S. HEEBNER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 10, 1959.

Attorney(s) appearing for the Case

George F. Shinehouse, Jr., Esq., for the petitioners.

Max J. Hamburger, Esq., for the respondent.

TIETJENS, Judge:

The Commissioner determined a deficiency in income tax of $114,372.68 for 1953.

The principal question for decision is whether or not the Commissioner properly treated the profit realized on the disposition of certain property as ordinary income rather than capital gain. If this question is resolved against petitioners, subsidiary issues as to an expense deduction and a determined "dividend realization" will become moot.

FINDINGS...

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