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SCHEFT v. COMMISSIONER

Docket No. 381-71.

59 T.C. 428 (1972)

WILLIAM SCHEFT AND GERTRUDE SCHEFT, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 18, 1972.

Attorney(s) appearing for the Case

Arnold R. Cutler and David R. Andelman, for the petitioners.

Joel Gerber and Edward De Franceschi, for the respondent.

OPINION

FEATHERSTON, Judge:

Respondent determined a deficiency in petitioners' income tax for 1968 in the amount of $103,184. The only issue is whether sections 451(a) and 6711 require the capital gains realized on the sales of property which had been placed in trust by petitioner William Scheft to be included in his income for the taxable year (1968) in which the property was sold or in the following year (1969) during...

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