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KNOWLES v. COMMISSIONER

Docket No. 95347.

24 T.C.M. 129 (1965)

T.C. Memo. 1965-27

James H. Knowles and Gretchen R. Knowles v. Commissioner.

United States Tax Court.

Filed February 15, 1965.

Attorney(s) appearing for the Case

John E. Laughlin, Jr., 2900 Grant Bldg., Pittsburgh, Pa., and William W. Scott, Jr., for the petitioners. Gerald Backer, for the respondent.

Memorandum Findings of Fact and Opinion

DAWSON, Judge:1

Respondent determined a deficiency in the income tax of petitioners for the year 1954 in the amount of $233,075.96. The issues for decisions are: (1) Whether certain shares of stock of the C. H. D. Corporation had a fair market value of $285,000 when petitioner James H. Knowles purchased them on September 23, 1954, from the majority stockholders of C. H. D. Corporation for...

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