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KATZ v. COMMISSIONER

Docket No. 81183.

20 T.C.M. 1411 (1961)

T.C. Memo. 1961-270

Michael H. Katz and Rose B. Katz v. Commissioner.

United States Tax Court.

Filed September 28, 1961.

Attorney(s) appearing for the Case

George E. Gibson, Esq., G. Lee Burns, Esq., 9 W. 10th, Kansas City, Mo., and Ernest M. Fleischer, Esq., for the petitioners. Hugh C. Roberts, Jr., Esq., for the respondent.

Memorandum Findings of Fact and Opinion

TRAIN, Judge:

The respondent determined a deficiency in the 1956 income tax liability of the petitioners in the amount of $22,687.64.

The sole question for decision is whether the gain from the sale of the annuity policy in question is ordinary income or capital gain.

Findings of Fact

Some of the facts have been stipulated and are hereby found as...

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