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ELAM v. COMMISSIONER

Docket No. 2861-70.

58 T.C. 238 (1972)

NELSON C. ELAM AND ADELE B. ELAM, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 8, 1972.

Attorney(s) appearing for the Case

William Waller and William E. Martin, for the petitioners.

Jack D. Yarbrough, for the respondent.

TIETJENS, Judge:

The Commissioner determined a deficiency of $11,328.49 in the income tax of petitioners for the calendar year 1966, which results from his increasing gross income by the amount of gain petitioners realized on the sale of their former principal residence. The sole issue is whether section 1034, I.R.C. 1954,1 requires nonrecognition of part of the gain and to what extent if any the purchase price of a new residence...

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