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RAFFERTY v. COMMISSIONER

Docket No. 2536-69.

55 T.C. 490 (1970)

JOSEPH V. RAFFERTY AND MARGARET M. RAFFERTY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 14, 1970.

Attorney(s) appearing for the Case

Robert J. McDonough, for the petitioners.

Robert B. Dugan, for the respondent.

DAWSON, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the year 1965 in the amount of $93,119.51. The only issue for decision is whether the distribution of 4,430 shares of stock of Teragram Realty Co., Inc., to petitioners by Rafferty Brown Steel Co., Inc., in 1965 constituted a distribution on which no gain or loss is recognized under the provisions of section 355, I.R.C. 1954.1

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