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HUTTON v. COMMISSIONER

Docket No. 1990-68.

53 T.C. 37 (1969)

ROBERT P. AND MARGUERITE C. HUTTON, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed October 13, 1969.

Attorney(s) appearing for the Case

Carl M. Siegel, for the petitioners.

Charles S. Stroad, for the respondent.

OPINION

TIETJENS, Judge:

The Commissioner determined a deficiency in petitioners' Federal income tax for the taxable year 1964 in the amount of $17,968.80. The only issue presented is whether petitioners were required, upon the transfer of all the assets and liabilities of a sole proprietorship to a controlled corporation under section 351, I.R.C. 1954,1 to include as taxable income for that year, $38,904.12, which represents...

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