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SPANGLER v. COMMISSIONER

Docket No. 52776.

32 T.C. 782 (1959)

C. D. SPANGLER AND VEVA C. SPANGLER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 30, 1959.

Attorney(s) appearing for the Case

John J. Geraghty, Esq., and Elton B. Taylor, Esq., for the petitioners.

Richard C. Forman, Esq., for the respondent.

ATKINS, Judge:

The respondent determined a deficiency in income tax for the year 1950 in the amount of $94,832.44. The issue is whether the gain derived by the petitioners upon the redemption of class B stock of Double Oaks Apartments, Inc., and Newland Road Apartments, Inc., in the year 1950 is long-term capital gain as reported by the petitioners or whether it is taxable under section 117(m) of the Internal Revenue Code of 1939 as gain from the sale or exchange...

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