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GOLDSTEIN v. COMMISSIONER

Docket No. 71831.

19 T.C.M. 1531 (1960)

T.C. Memo. 1960-276

Joe Goldstein and Lillian Goldstein v. Commissioner.

United States Tax Court.

Filed December 27, 1960.

Attorney(s) appearing for the Case

Walter M. Campbell, Esq., Subway Terminal Building, Los Angeles, Calif., for the petitioners. Thomas F. Greaves, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

DRENNEN, Judge:

Respondent determined a deficiency in petitioners' income tax for the calendar year 1953 in the amount of $28,404.13. The only issue is whether a gain of $40,000, realized by petitioners on the sale of real estate, which they had purchased for $35,000 on December 8, 1953, to their family corporation for $75,000 on December 31, 1953, was taxable as ordinary...

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