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STONE v. COMMISSIONER

Docket No. 5805-70.

32 T.C.M. 94 (1973)

T.C. Memo. 1973-26

Ervin J. Stone and Vivian M. Stone v. Commissioner.

United States Tax Court.

Filed February 5, 1973.

Attorney(s) appearing for the Case

Robert M. Chandler, Jr., Peoples Bank Bldg., Main & Tarboro Sts., Rocky Mount, N.C., and Jeff D. Batts, for the petitioners. Frank D. Armstrong, Jr., for the respondent.

Memorandum Findings of Fact and Opinion

IRWIN, Judge:

Respondent determined a deficiency of $9,547.37 in petitioners' income tax for 1967. The single issue that we are to decide is whether petitioners sold certain land under the threat or imminence of condemnation in order to entitle them to defer recognition of part of the gain under section 1033.1 Petitioners have conceded that $10,800 of the gain must be recognized by reason...

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