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MacGUIRE v. COMMISSIONER

Docket No. 6351-65.

29 T.C.M. 414 (1970)

T.C. Memo. 1970-89

John and Betty MacGuire v. Commissioner.

United States Tax Court.

Filed April 20, 1970.

Attorney(s) appearing for the Case

Towner Leeper, 7th Floor Southwest National Bank Bldg., El Paso, Tex., for the petitioners. Ralph V. Bradbury, Jr., for the respondent.

Memorandum Findings of Fact and Opinion

TIETJENS, Judge:

The Commissioner determined a deficiency in the petitioners' Federal income tax for the taxable year 1961 in the amount of $436,521.74. The issue for our decision is whether petitioners' receipt of $700,000 in 1961 is taxable as capital gain or as ordinary income or alternatively, whether any or all of this sum is a nontaxable distribution in liquidation...

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