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DILLARD v. COMMISSIONER

Docket No. 78915.

20 T.C.M. 137 (1961)

T.C. Memo. 1961-30

E. S. Dillard and Jean T. Dillard, Husband and Wife v. Commissioner.

United States Tax Court.

Filed January 31, 1961.

Attorney(s) appearing for the Case

William Thomas Minor, Jr., Esq., Johnston Building, Charlotte, N. C., for the petitioners. Richard C. Forman, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

TRAIN, Judge:

Respondent determined deficiencies in the income taxes of the petitioners as follows:

  Year                          Deficiency

  1954 .......................  $86,319.93
  1955 .......................    6,168.83

The issues to be decided are:

(1) Whether the petitioners realized a gain of $83,171.76 when E. S. Dillard exchanged accounts payable and notes payable of...

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