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TALMAGE v. COMMISSIONER

Docket No. 5173-64.

25 T.C.M. 948 (1966)

T.C. Memo. 1966-183

John D. Talmage and Hope L. Talmage v. Commissioner.

United States Tax Court.

Filed August 5, 1966.

Attorney(s) appearing for the Case

Vincent E. Cerow, for the petitioners. Paul H. Frankel, for the respondent.

Memorandum Opinion

TANNENWALD, Judge:

Respondent determined a deficiency in the income tax of petitioners for the calendar year 1954 in the amount of $7,403.63. Petitioner has agreed to certain adjustments made by respondent. The sole issue for our decision is whether or not petitioners are entitled to a 1956 deduction of $12,069.28 as their share of an alleged "Loss on Settlement of former partners accounts."1

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