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KORMENDY v. COMMISSIONER

Docket Nos. 68756, 69159.

18 T.C.M. 353 (1959)

T.C. Memo. 1959-72

Steven W. Kormendy and Helen E. Kormendy, Husband and Wife v. Commissioner. Mildred R. Cleminshaw v. Commissioner.

United States Tax Court.

Filed April 15, 1959.

Attorney(s) appearing for the Case

Philip Schwimmer, Esq., 905 Society for Savings Building, Cleveland, O., for the petitioners. Clarence C. Roby, Esq., for the respondent.

Memorandum Opinion

DRENNEN, Judge:

These consolidated cases involve the income tax liabilities of the petitioners for the year 1954. The respondent determined a deficiency of $1,151.78 against the petitioners in Docket No. 68756 and a deficiency of $245.77 against the petitioner in Docket No. 69159.

The single issue involved in both cases is whether the gain on redemption of 5-year investment certificates issued by Industrial Credit Company, an Ohio...

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