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DAVID CENTRE v. COMMISSIONER

Docket No. 853-68.

55 T.C. 16 (1970)

DAVID CENTRE AND MARIAN CENTRE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed October 7, 1970.

Attorney(s) appearing for the Case

Martin Drazen, for the petitioners.

Marlene Gross, for the respondent.

FEATHERSTON, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for 1964 in the amount of $6,317.90. The only issue is whether petitioner David Centre received taxable income in 1964, when, in settlement of a lawsuit against his former employer, he was assigned an insurance policy on his life and was paid $2,698.58 in cash.

FINDINGS OF FACT

David Centre (hereinafter referred...

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