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NESBITT v. COMMISSIONER

Docket No. 1960-63.

43 T.C. 629 (1965)

ABRAM NESBITT 2D AND GERALDINE T. NESBITT, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed February 11, 1965.

Attorney(s) appearing for the Case

Frank Townend, for the petitioners.

S. T. Reiner, for the respondent.

OPINION

BLACK, Judge:

The Commissioner has determined a deficiency in the income tax of petitioners for the year 1958 of $14,394.94. The deficiency is due to several adjustments to the taxable income as disclosed by the joint return of petitioners for the year 1958. Only one of the adjustments made by the Commissioner is in issue in this proceeding and that is adjustment "(b) Gain on sale of Endowment Policies $25,755.00." That adjustment is explained...

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