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UNDERHILL v. COMMISSIONER

Docket No. 713-64.

45 T.C. 489 (1966)

WINGATE E. UNDERHILL AND MATTIE R. UNDERHILL, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed February 28, 1966.

Attorney(s) appearing for the Case

Wingate E. Underhill, pro se.

Eugene I. Meyers, for the respondent.

TANNENWALD, Judge:

The respondent determined a deficiency in petitioners' income taxes for the year 1961 in the amount of $1,777.47.

There are two questions presented. The first involves a determination of the proper basis for reporting discount income by a cash basis taxpayer who has purchased debt obligations at less than the unpaid principal balance of the obligation at the time of acquisition. The second involves a determination whether, if the...

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