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BENNETT v. COMMISSIONER

Docket No. 6790-70.

58 T.C. 381 (1972)

RICHARD B. BENNETT AND LUANNE BENNETT, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 30, 1972.

Attorney(s) appearing for the Case

James P. Brody, Benjamin F. Garmer III, and Joseph R. Barnett, for the petitioners.

Matthew W. Stanley, Jr., for the respondent.

FEATHERSTON, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for 1965 in the amount of $47,850.40. The sole issue for decision is whether petitioner Richard B. Bennett, owner of a minority of the shares of a corporation, realized income, taxable under section 301,1 as the result of a transaction in which the stock ownership of the majority shareholder was terminated.

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