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ESTATE OF HAGEN v. COMMISSIONER

Docket Nos. 1890-66, 1891-66.

28 T.C.M. 341 (1969)

T.C. Memo. 1969-59

Estate of John C. Hagen, Jr., Deceased, Seattle First National Bank, Executor, and Mary Hagen, Petitioners v. Commissioner. Fred J. Hagen and Floy J. Hagen, Petitioners v. Commissioner.

United States Tax Court.

Filed March 25, 1969.

Attorney(s) appearing for the Case

Allen A. Bowden, 1103 Norton Bldg., 801 Second Ave., Seattle, Wash., for the petitioners. Eugene H. Flood, for the respondent.

Memorandum Findings of Fact and Opinion

BRUCE, Judge:

These consolidated cases involve deficiencies determined by respondent for the year 1964 in the income taxes of John C. Hagen and wife, Mary Hagen, in the amount of $5,291.06, and of Fred J. Hagen and wife, Floy J. Hagen, in the amount of $5,142.75. The only issue presented is whether a payment of $475,000 in full discharge of an indebtedness in the principal amount of $455,000 and accrued interest in...

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