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BARRY v. COMMISSIONER

Docket No. 94268.

22 T.C.M. 1129 (1963)

T.C. Memo. 1963-225

Raymond S. Barry and Alice Barry v. Commissioner.

United States Tax Court.

Filed August 22, 1963.

Attorney(s) appearing for the Case

Charles A. Kienzle and James P. Jones, 50 W. Gay St., Columbus, Ohio, for the petitioners. Henry T. Nicholas, Jr., and William I. Bubenzer, for the respondent.

Memorandum Findings of Fact and Opinion

DRENNEN, Judge:

Respondent determined a deficiency in petitioners' income tax for the taxable year 1957 in the amount of $201,225.18.

The only issue for decision is the fair market value of certain assets received by petitioner Raymond S. Barry on May 29, 1957, upon the complete liquidation of Westwood Homes Development Co. (hereafter called Westwood). This will determine whether the gain realized by petitioners...

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