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MONAGHAN v. COMMISSIONER

Docket No. 90107.

40 T.C. 680 (1963)

ANDREW A. MONAGHAN AND ETHEL MONAGHAN, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed June 27, 1963.

Attorney(s) appearing for the Case

William P. Thorn, for the petitioner.

Samuel T. Reiner and Max J. Hamburger, for the respondent.

FORRESTER, Judge:

The respondent has determined a deficiency of $31,199.74 in petitioners' income tax for the calendar year 1958. The sole remaining issues are: (1) The separate value, if any, of a covenant not to compete; and (2) the propriety of petitioners reporting under section 4531 gain from the sale of certain assets of a going proprietorship package goods liquor business.

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