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SMITH v. COMMISSIONER

Docket Nos. 74792, 74822.

20 T.C.M. 232 (1961)

T.C. Memo. 1961-42

Harold C. Smith and Maude A. Smith v. Commissioner. Kenneth P. Martin and Helen A. Martin v. Commissioner.

United States Tax Court.

Filed February 21, 1961.

Attorney(s) appearing for the Case

Stanley G. Barker, Esq., 340 Main St., Worcester, Mass., for the petitioners. Charles T. Shea, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

MULRONEY, Judge:

The respondent determined deficiencies in petitioners' income taxes for 1955 in the amounts of $1,240.94 (Docket No. 74792) and $1,334.04 (Docket No. 74822). The issue in these consolidated cases is whether the gain realized from the sale of certain lots in 1955 was derived from the sale or exchange of a capital asset and therefore taxable as capital gain, or was derived from the sale of property held...

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