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BALLANTINE v. COMMISSIONER

Docket No. 1736-64.

46 T.C. 272 (1966)

ARTHUR A. BALLANTINE, JR., AND MORLEY C. BALLANTINE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 19, 1966.

Attorney(s) appearing for the Case

Frederic B. Emigh, for the petitioners.

Frederick B. Strothman, for the respondent.

DRENNEN, Judge:

Respondent determined deficiencies in petitioners' income tax for the year 1960 in the amount of $9,267.53. The issues for decision are (1) whether any part of the cash consideration received by petitioners in 1960 from the sale of certain assets of a newspaper they were publishing was paid for a covenant not to compete; (2) whether cancellation of a note in the amount of $250 received by a newspaper-publishing partnership for money advanced...

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