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WOLF v. COMMISSIONER

Docket No. 86485.

20 T.C.M. 1408 (1961)

T.C. Memo. 1961-269

Clarence J. Wolf and Mabel Wolf v. Commissioner.

United States Tax Court.

Filed September 28, 1961.

Attorney(s) appearing for the Case

Louis R. Gilbert, Esq. and Francis E. Hickey, Esq., 206 News Tower, Rockford, Ill., for the petitioners. Joel Yonover, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

MULRONEY, Judge:

The respondent determined a deficiency in the petitioners' income tax for 1957 in the amount of $22,550.26. The sole question before us is the fair market value of certain land and buildings distributed to petitioner by his wholly-owned corporation.

Findings of Fact

Some of the facts have been stipulated and they are herein included...

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