McLEMORE v. COMMISSIONER

Docket No. 4180-69.

32 T.C.M. 259 (1973)

T.C. Memo. 1973-59

Robert W. McLemore and Lucile McLemore v. Commissioner.

United States Tax Court.

Filed March 13, 1973.


Attorney(s) appearing for the Case

Louis E. Ackerson and Robert L. Ackerson, 200 W. Bdway., Louisville, Ky., for the petitioners. Dennis M. Feeley, for the respondent.


Memorandum Findings of Fact and Opinion

FAY, Judge:

Respondent determined a deficiency in the Federal income tax of petitioners for the taxable year 1965 in the amount of $46,246.67. The only issues presented for our consideration are whether a transfer by McLemore Realty Company, Inc., ("Realty") of $60,000 to Clark County Motors, Inc., ("Motors") on April 1, 1965, and/or an advance of $33,000 by Realty to petitioner Robert W. McLemore on April 1, 1965...

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