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GUGGENHEIM v. COMMISSIONER

Docket No. 4416-64.

46 T.C. 559 (1966)

HARRY F. GUGGENHEIM AND ESTATE OF ALICIA P. GUGGENHEIM, DECEASED, HARRY F. GUGGENHEIM, DOROTHY J. HOLDSWORTH, AND MORGAN GUARANTY TRUST COMPANY OF NEW YORK, EXECUTORS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed August 9, 1966.

Attorney(s) appearing for the Case

Robert W. Wales, for the petitioner.

Paul H. Frankel, for the respondent.

SIMPSON, Judge:

Respondent determined deficiencies in income tax of $78,061.47 for the taxable year 1958 and $322,298.91 for the taxable year 1959. The only issue for decision is whether petitioner's sale of shares in a syndicate relating to the stallion "*Turn-To"1 resulted in his receipt of ordinary income or whether such sale was a sale or exchange of property used in a trade or business as defined in section 1231(b) of the Internal...

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