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MITCHELL v. COMMISSIONER

Docket No. 71479.

35 T.C. 550 (1960)

CALVIN D. MITCHELL AND FAY BOND MITCHELL, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 30, 1960.

Attorney(s) appearing for the Case

Richard E. Thigpen, Esq., and Marcus T. Hickman, Esq., for the petitioners.

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

TRAIN, Judge:

Respondent determined a deficiency in the petitioners' income tax for the calendar year 1954 in the amount of $19,405.15. The only issue is whether stock held by a trust was "owned" by the beneficiaries thereof within the meaning of section 1239 of the Internal Revenue Code of 1954, making that section applicable to a sale of depreciable property by one of the petitioners to the corporation, some of whose stock was held by the trust.

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