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KINSEY v. COMMISSIONER

Docket No. 6089-69.

58 T.C. 259 (1972)

JOHN P. KINSEY AND EDITH B. KINSEY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 10, 1972.

Attorney(s) appearing for the Case

John S. Murtha, for the petitioners.

Robert B. Dugan, for the respondent.

IRWIN, Judge:

Respondent determined a deficiency in petitioners' income tax for the year 1965 in the amount of $58,187.42. The question presented is whether petitioners are taxable on a distribution in liquidation in 1965 because of corporate stock donated to DePauw University after the corporation had adopted a plan of liquidation under section 337 of the Code.1

FINDINGS OF FACT...

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