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SMITH v. COMMISSIONER

Docket No. 6832-70.

59 T.C. 107 (1972)

RUSSELL C. SMITH AND MARY A. SMITH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 18, 1972.

Attorney(s) appearing for the Case

Donald Blanken, for the petitioners.

Howard W. Gordon, for the respondent.

DAWSON, Judge:

Respondent determined a deficiency of $2,220.65 in petitioners' Federal income tax for the year 1966.

We must decide whether $5,804.35 of a lump sum of $44,500 received by the petitioners in 1966 in settlement of a Pennsylvania condemnation proceeding is taxable as ordinary income in that year under section 61(a)(4), I.R.C. 1954.

FINDINGS OF FACT

Most of the facts have been stipulated...

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