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ASPEGREN v. COMMISSIONER

Docket No. 7142-65.

51 T.C. 945 (1969)

OLIVER R. ASPEGREN, JR., AND IDA M. ASPEGREN, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 12, 1969.

Attorney(s) appearing for the Case

David P. List and William Louis Kelley, for the petitioners.

Lewis M. Porter, Jr., and Sheldon Chertow, for the respondent.

FAY, Judge:

Respondent determined a deficiency of $51,675.16 in petitioners' income tax for the taxable year 1960.

The issue is whether petitioner Oliver R. Aspegren, Jr., received compensation in the form of a bargain purchase of stock and thereby realized gross income under section 61.1

FINDINGS OF FACT

Some of the facts were stipulated. The stipulation of facts, together with the exhibits attached thereto...

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