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TIDWELL v. COMMISSIONER

Docket No. 71019.

20 T.C.M. 810 (1961)

T.C. Memo. 1961-162

Charles L. Tidwell and Corinne S. Tidwell v. Commissioner.

United States Tax Court.

Filed May 31, 1961.

Attorney(s) appearing for the Case

Wesley M. Walker, Esq., for the petitioners. James E. Johnson, Jr., Esq., for the respondent.

Memorandum Findings of Fact and Opinion

DRENNEN, Judge:

Respondent determined a deficiency in petitioners' income tax for the taxable year 1955 in the amount of $1,661.67.

The issues for decision are: (1) Whether the gain realized by petitioner Charles L. Tidwell (sometimes hereinafter referred to as Charles) in 1955 from the sale of lots in a subdivision called Kirkwood Heights is to be considered as gain from the sale of capital assets or as ordinary...

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