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NORMAN BAKER SMITH v. COMMISSIONER

Docket No. 4412-66.

51 T.C. 429 (1968)

NORMAN BAKER SMITH AND BARBARA ANNE SMITH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 18, 1968.

Attorney(s) appearing for the Case

Ralph E. Kingston, for the petitioners.

Martin A. Schainbaum and Harry Morton Asch, for the respondent.

SCOTT, Judge:

Respondent determined deficiencies in petitioners' income taxes for the calendar years 1962 and 1963 in the amounts of $4,126.99 and $707.88, respectively.

The issues for decision are:

(1) Whether 40 percent of the monthly payments made by petitioners for the period January through May 1962 designated as rental of a property which they purchased as of May 31, 1962, pursuant to an option permitting 40 percent of the stated rental...

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