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JOHNSTON v. COMMISSIONER

Docket No. 4917-62.

42 T.C. 880 (1964)

ARCH B. JOHNSTON AND JEAN HALE JOHNSTON, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 13, 1964.

Attorney(s) appearing for the Case

Norman A. Peil, Jr., for the petitioners.

Dennis C. DeBerry, for the respondent.

WITHEY, Judge:

A deficiency in the income tax of petitioners for the taxable year 1959 has been determined by respondent in the amount of $4,655.74. The only issue presented is whether petitioners may report as capital gains only that portion of a lump-sum condemnation award by the Commonwealth of Pennsylvania which represents claimed severance damages in the State's condemnation of a portion only of their property.

FINDINGS OF FACT

The stipulated...

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